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<br />08/25/2008 <br /> <br />F. California Government Code 96500 et seq. ("Joint Exercise of Powers Act" or "Act") <br />permits two or more public agencies to create joint powers authorities for the purposes cited <br />herein, and permits the agencies to exercise jointly any power that the public agencies could <br />exercise separately, and further grants certain additional powers to such joint powers authorities. <br /> <br />G. Local land-use decisions remain solely with the Member Agencies. Nothing in this <br />Agreement deprives member agencies of their sovereign powers or transfers those powers to the <br />joint powers authority. <br /> <br />Now, THEREFORE BE IT RESOLVED that the Member Agencies do hereby establish the entity to <br /> <br />be known as the Housing Endowment and Regional Trust of San Mateo County (hereinafter <br /> <br />referred to herein as "HEART"), to generate and disburse funding that will result in permanent <br /> <br />additions to the workforce and affordable housing stock within San Mateo County, and do <br /> <br />hereby agree as follows: <br /> <br />I . Purpose. <br /> <br />1.1 The purpose of this Agreement is to establish an organization that shall be responsible <br /> <br />for the joint fundraising, planning, adoption, financing, administration, review, monitoring and <br /> <br />reporting of certain workforce and affordable housing program activities in San Mateo County. <br /> <br />By entering this joint powers authority, the Member Agencies earn economic benefits not <br /> <br />realized when operating individually_ Further, the establishment of this joint powers authority <br /> <br />provides for the economic viability and coordination of workforce and affordable housing <br /> <br />program financing and facilities throughout San Mateo County. <br /> <br />1.2 This organization is organized exclusively for charitable purposes under section 501(c)(3) <br /> <br />of the Internal Revenue Code, or corresponding section of any future federal tax code. <br /> <br />Page 2 of 18 <br />C:\Shared\HEART SMC\Administratlon\Org Documents\JPA Revislon\JPA red lined revision Final June08.doc <br /> <br />RD 08-07 <br />MUFF #304 <br />