Agmt75 South Bayside System Aut - Silicon Valley Clean Water

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. ¡ Section 4.4. Restrictions on Exercise of'powers. The powers of the Authority shall be exercised in the manner provided in the Act, in the Bond Law, in the federal water pollution control act and in the Porter-Cologne water quality control act; and, exeept for those powers set forth in the Bond Law and in Article 2 of the Act, as the same now reads or may be hereafter amended, shall be subject (in accordance with Section 6509 of the Act) to the restrictions upon the manner of exercising such powers that are imposed upon Redwood City in the exercise of similar powers. Section 4.5. Obligations of Authority. The debts, liabilities and obligations of the Authority shall not be the debts, liabilities and obligations of any of the Agencies. ARTICLE V - METHODS OF PROCEDURE: CAPITAL COSTS Section 5.1. Assumption of Responsibilities by the Authority. As soon as practicable after the date of this Agreement, the respective Agencies shall appoint the members of the Commission and the secretary of the commission of the 1969 authority shall give notice (in the manner required by Section 2.5.) of the organization meeting of the Commission. At said meeting the Commission shall provide. for its regular meetings as required by Section 2.5 and elect a chairman and vice-chairman, and appoint a secretary. At said meeting or as soon as practicable thereafter, the Commission shall appoint a manager. Section 5.2. Transfer of Records, Accounts, Funds and Property. At the conclusion of the organization meeting of the Commission (a) the secretary, controller and treasurer of the 1969 authority shall transfer to and deposit with the secretary, controller and treasurer of the Authority created by this Agreement all records, accounts, funds and money of the 1969 authority that shall then be in their respective 18 1005041