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<br />Section 1. <br /> <br />Puroose. <br /> <br />This Agreement is made pursuant to the provisions <br />of the Joint Exercise of Powers Act, relating to the joint <br />exercise of powers common to public agencies, in this case <br />being the Program Participants. The Program Participants <br />each possess the powers referred to in the recitals hereof. <br />The purpose of this Agreement is to establish an agency for, <br />and with the purpose of, issuing Bonds to finance projects <br />within the territorial limits of the Program Participants <br />pursuant to the Act, Article 2, Article 4, or other appliable <br />provisions of law; provided, however that nothing in this <br />Agreement shall be construed as a limitation on the rights of <br />the Program Participants to pursue economic development <br />outside of this Agreement, including the rights to issue Bonds <br />through industrial development authorities under the Act, or as <br />otherwise permitted by law. <br /> <br />Within the various jurisdictions of the Program <br />Participants such purpose will be accomplished and said <br />powers exercised in the manner hereinafter set forth. <br /> <br />Section 2. <br /> <br />Te rm. <br /> <br />This Agreement shall become effective as of the <br />date hereof and shall continue in full force and effect for a <br />period of forty (40) years from the date hereof, or until such <br />time as it is terminated in writing by all the Program <br />Participants; provided, however, that this Agreement shall not <br />terminate or be terminated until the date on which all Bonds or <br />other indebtedness issued or caused to be issued by the <br />Authority shall have been retired, or full provision shall have <br />been made for their retirement, including interest until their <br />retirement date. <br /> <br />Section 3. <br /> <br />Authoritv. <br /> <br />A. CREATION AND POWERS OF AUTHORITY. <br /> <br />(1) Pursuant to the Joint Exercise of Powers Act, <br />there is hereby created a public entity to be known as the <br />"California Statewide Communities Development Authority" (the <br />"Authority"), and said Authority shall be a public entity <br />separate and apart from the Program Participants. Its debts, <br />liabilities and obligations do not constitute debts, liabilities <br />or obligations of any party to this Agreement. <br /> <br />B. COMMISSION. <br /> <br />The Authority shall be administered by a Commission <br />(the "Commission") which shall consist of seven members, each <br /> <br />3 <br />