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JOINT EXERCISE OF POWERS AGR. MIENT <br />THIS AGREEMENT, dated as of June �J, 1991, by and between the CITY OF <br />REDWOOD CITY, a municipal corporation duly organized and existing under the laws <br />of the State of California (herein called the "City"), and the REDEVELOPMENT AGENCY <br />OF THE CITY OF REDWOOD CITY, a public body, corporate and politic, duly organized <br />and existing under the laws of the State of California (herein called "Agency"). <br />WITNESSETH.• <br />WHEREAS, Articles 1 and 2 of Chapter 5 of Division 7 of Title 1 of the Government <br />Code of the State of California authorize the City and Agency to create a joint exercise of <br />powers entity (herein called the "City of Redwood City Public Financing Authority" or the <br />"Authority") which has the power to jointly exercise any powers common to the City and <br />Agency; <br />WHEREAS, the City and Agency are each empowered by law to undertake certain <br />projects and programs; <br />WHEREAS, the City is authorized to enter into leases for certain public purposes <br />pursuant to the Government Code of the State of California; <br />WHEREAS, Agency is authorized to enter into leases for any of its corporate <br />purposes pursuant to the provisions of the Community Redevelopment Law; <br />WHEREAS, the City and Agency have decided to jointly finance various municipal <br />improvements for the City and redevelopment projects for the Agency; and <br />WHEREAS, the Marks -Roos Local Bond Pooling Act of 1985 (hereinafter defined as <br />the "Bond Law") authorizes agencies formed under the Joint Exercise of Powers Law <br />(hereinafter defined as the "Act") to issue bonds for the purpose of acquiring and <br />constructing Public Capital Improvements (as that term is defined in the Act) and to <br />lease those Public Capital Improvements to local agencies; <br />WHEREAS, by this Agreement, the City and Agency desire to create and establish <br />the City of Redwood City Public Financing Authority for the purposes set forth herein and <br />to exercise the powers described herein; <br />NOW, THEREFORE, the City and Agency, for and in consideration of the mutual <br />promises and agreements herein contained, do agree as follows: <br />ARTICLE I <br />Section 1.01. Definitions. Unless the context otherwise requires, the words and <br />terms defined in this Article shall, for the purpose hereof, have the meanings herein <br />specified. <br />-1- <br />