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SAN LEANDRO ADMINn i ttATIVE CODE <br />TITLE 25 PUBLIC FINANCING A UTHORITY <br />Chapter I Bylaws <br />Authority, k for any reason the Members are unable or unwilling to accept the assets of the <br />Authority, said assets shall be distributed to the Federal Government, or to a state or local <br />government for public purposes, or to a nonprofit fund, foundation or corporation which is <br />organized and operated exclusively for charitable purposes. <br />.$25.1.310. DISSOLUTION. The Authority may, with the approval of all of the Members, be <br />dissolved by majority vote of the Directors if at the time of such dissolution the Authority has no <br />outstanding indebtedness and is not a party to any outstanding material contracts. Upon the <br />dissolution or termination of this Authority, and after payment or provision for payment, all debts <br />and liabilities, the assets of this Authority shall be distributed to the Members of the Authorio�. f <br />for any reason the Members are unable or unwilling to accept the assets of the Authority, said <br />assets will be distributed to the Federal Government or to a state or local government,for public <br />purposes; or to a nonprofit fund, foundation or corporation which is organized and operated <br />exclusively for charitable purposes. <br />ARTICLE 4—GENERAL PROVISIONS <br />$25.1.400: PAYMENT OF MONEY; SIGNATURES. All checks, drafts or other orders for <br />payment of money, notes or other evidences of indebtedness issued in the name of or payable to the <br />Authority and any and all securities owned by or held by the Authority requiring signature for <br />transfer shall be signed or endorsed by the Treasurer. <br />.$25.1.405: EXECUTION OF CONTRACTS. The Board, except as in the Agreement or in the <br />Bylaws otherwise provided, may authorize any o Icer or o[ficers, agent or agents, to enter into any <br />contract or execute any contract or execute any instrument in the name of an on behalf of the <br />Authority and such authority may be general or confined to specif c instances and unless so <br />authorized by the Board, no o icer, agent or employee shall have any power or authority to bind <br />the Authority by any contract or engagement or to pledge its credit or to render it liable for any <br />purpose or in any amount. <br />All contracts or agreements on behalf of the Authority shall be signed by the Executive Director or <br />Chair, and countersigned by the Secretary, after having been authorized to do so by action of the <br />Board, except that the Vice Chair shall sign in the absence of the Chair. <br />$25.1.410: FISCAL YEAR. The fiscal year of the Authority shall commence on the Is' day of <br />July of each year and shall end on the 30`h day o June of next succeeding_ year. <br />$25.1.415: AMENDMENT OF BYLAWS. These Bylaws may be amended at any time and <br />,from time to time by majority vote of the Board. <br />Department Responsible for Revision: Public Financing Authority Chapter 25.1 <br />2006 Page 5 <br />