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HomeMy WebLinkAboutReso 1985-11988 RESOLUTION NO. 11988 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING JOINT POWERS AGREEMENT BY AND BETWEEN THE CITY OF CHULA VISTA AND THE CITY OF ESCONDIDO FOR THE PURPOSE OF FINANCING HOME MORTGAGES The City Council of Chu1a Vista does hereby resolve as follows: WHEREAS, the CITY OF ESCDNDIDO, CALIFORNIA and the CITY OF CHULA VISTA, CALIFORNIA (the "Ci ty"), pursuant and subject to the provisions of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act"), are each authorized and empowered to provide, through lending institutions, long-term low interest home mortgage loans to income-qualified persons and families to finance the acquisition of homes and to issue revenue bonds to provide the funds therefor; and, WHEREAS, said Part 5 also provides that such powers may be exercised by an agency created by a joint powers agreement under Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of Cal iforni a, entered into by citi es for the express purpose of the joint exercise of such powers; and, WHEREAS, such a Joint Powers Agreement has been proposed and submitted to accomplish the formation of such agency. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOllOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the Ci ty Council of the Ci ty of Chu1 a Vi sta make and enter into a Joint Powers Agreement to create the "ESCONDIDD CHULA VISTA HOUSING FINANCE AGENCY" to exerci se common powers of the City of Escondi do and the City of Chu1a Vista, to finance home mortgages pursuant to the Act; such Joi nt Powers Agreement to be in the form attached hereto as Exhi bi t "A," and by this reference. incorporated in and presented to the City Council. SECTION 3. That the Mayor is hereby authori zed to execute such Joint Powers Agreement on behalf of the City, and the City Clerk of said City is authorized to attest the Mayor's signature thereto and affix thereto the seal of the City. Approved as to form /7 I t./'f'-1 ",r.J: Pau G. Desroc ers Community Development Director .' 1".:1 II y /',0,1 /~. '...."'1...,.... lJ LC/./ --J I " WPC 1079X ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA, this 19 85 , by the following vote, to-wit: 9th day of April - AYES: Councilmen NAYES: Councilmen ABSTAIN: Councilmen ABSENT: Councilmen McCandliss, Moore, Cox Scott, Malcolm None None /"" /) 11 : ' (.1;( _. ~hUIO; Vista " - ~~~~~~ ATTE~ ~1~M~_ City Cler STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California, DO HEREBY CERTIFY that the above and foregoing is a full. true and correct copy of RESOLUTION NO. 11988 .and that the same has not been amended or repealed. DATED (seal) City Clerk CC-660 ~2~ ~?7- AGREEMENT JOINT POWERS AGREEMENT TO CREATE THE ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY TO EXERCISE COMMON POWERS OF THE CITY OF ESCONDIDO AND THE CITY OF CHULA VISTA TO FINANCE HOME MORTGAGES PURSUANT TO PART 5 OF DIVISION 31 OF THE HEALTH AND SAFETY CODE OF THE STATE OF CALIFORNIA THIS AGREEMENT, made this~-t;l day of ,~; ,1985, by and between the CITY OF ESCONDIDO, foANIA, a gen a aw city, duly organized and existing under the laws of the State of California, hereinafter called "Escondido", and the CITY OF CHULA VISTA, CALIFORNIA, a chartered city, duly organized and existing under the Constitution and laws of the State of California, hereinafter called "Chula Vista"; WIT N E SSE T H: WHEREAS, Escondido and Chula Vista, pursuant and subject to the provisions of Part 5 of Division 31 of the Health and Safety Code of the State of Cal ifornia (the "Act"), are each authorized and empowered to provide, through lending i nst itut ions, long-term, low interest home mortgage loans to income qua 1 i fi ed persons and families to finance the acquisition of homes and to issue revenue bonds to provide the funds therefor; and, WHEREAS, said Part 5 also provides that such powers may be exercised by an agency created by a joint powers agreement under Article 1 (convnencing with Section 6500) of Chapter 5 of Oivision 7 of Title 1 of the Government Code of the State of Ca 1 iforn i a entered into by cit ies for the express purpose of the joi nt exer- c i se of such powers; and, WHEREAS, said Article 1 provides (a) that two or more public agencies byagree- ment may jointly exercise any powers common to the contracting parties, and (b) that the agency provided by the agreement to administer or execute the agreement may be a separate commission or board constituted pursuant to the agreement; and, WHEREAS, Escondido and Chula Vista have determined that (a) the public interest and economy will be served by, and require, the joint exercise of their common powers under said Part 5, and (b) to create a separate agency, which agency shall have and exercise said common powers. NOW, THEREFORE, IT IS AGREED, as follows: 1. FORMATION. Escondido and Chula Vista, pursuant to the Act and Government Code Sect ions 6500 et seq., hereby form, es tab 1 ish and create the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY, hereinafter ca lied "Agency", which shall constitute a separate and distinct public entity. 4/1/85 ~ (( ~v Q--\\ EXHIBIT A R Escondido-Chula Vista Joint Powers Agreement Page 2 2. PURPOSE. The Agency is formed for the purpose of exercising any and all of the common powers of Escondido and Chula Vista for the purpose C' financing home mortgages pursuant to the Act. In this regard, Escondido and Chula Vista have each obtained a conditional allocation from the Mortgage Bond Allocation Committee under the provisions of the Costa-Marks Housing Bond Allocation Act of 1981 (the "Costa Marks Act"), which allocation each agrees to ass i gn in a timely manner to the Agency for application in accordance with the further provisions of the Costa Marks Act. In the event that all or any portion of an allocation from the Mortgage Bond Allocation Committee is not sold by the Agency within the prescribed period, then any forfeiture required by the provisions of the Costa Marks Act shall be determined as if the allocation or portion thereof not sold had not been assigned to the Agency. 3. INTERNAL ORGANIZATION. The Agency shall have a governing body designated as the Board of Directors of the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY (the "Board of Directors"), which shall consist of two members of the City Council of Escondido and two members of the City Council of Chula Vista. Each of the i~itial Directors shall be approved by his or her respective City Council forthwith, upon approval of this Agreement and each shall serve at the pleasure of his or her respective appointing body. (a) Duties of Directors. The duties of the Directors shall be: (1) To make all policy decisions and exercise all of the powers of the Agency; (2) To submit fu 11 and regu 1 ar reports to each of the part ies to th i s Agreement; and (3) To adopt from time to time such rules and regulations for the conduct of Agency affairs as may be required. ( b) Officers. The Agency shall have a President and Vice-President perlodlca1ly elected by and from the members of the Board of Directors, and shall have a Secretary who shall be the City Clerk of Escondido and a Treasurer and Auditor who shall be the Finance Director of Chula Vista. ( c) Dut i es of Offi cers. office; and Officers shall perform duties normal to their (I) The President shall sign all contracts on behalf of the Agency and perform such other duties as may be imposed by the Board of Directors. R Escondido-Chu'a Vista Joint Powers Agreement Page 3 (2) The Vice-President shall act in the absence of the President. (3) Ttre Secretary shall countersign all contracts on behalf of the Agency; perform such other duties as may be imposed by the Board of Directors; and keep minutes of all meetings and cause a copy of the minutes to be forwarded to each of the members of the Board of Directors and each of the parties to this Agreement. (4) The Treasurer and the Auditor shall have the duties and obligations set forth in Sect ion 6505.5 of the Government Code of the State of Cal iforni a. (d) Meetings. Regular meetings of the Board of Directors shall be held at such time and place as may be established by the Board. Rall1h M. Brown Act. All meetings held by the Board of Directors, including regular, adjourned regular and special meetings, shall be called, noticed, held and conducted in accordance with the provisions of the Ralph M. Brown Act, Sections 54950 and 54961 of the Government Code of the State of California. (e) (f) uorum. Three members of the Board of Directors sha 11 constitute a Q arum. Any action of the Board of Directors shall reQuire the affirmative vote of not less than three Board members. ( g) Compensation. The members of the Board of Directors shall receive compensatlOn for their services, which shall be the sum of $50.00 for each meet i ng of the Board of Directors and shall recei ve reintursement for all out-of-pocket expenses incurred in connection with Agency business. 4. AGENCY TO ADMINISTER AGREEMENT. As established by this Agreement, the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY is hereby designated as a public entity separate from the members thereof, and as the entity to administer this Agreement. The Agency shall exercise its powers subject to the restrictions of the Act and this Agreement. 5. POWERS. The Agency shall have the power in its own name to: (a) Finance home mortgages pursuant to the Act; and (b) Make and enter contracts; adopt a seal; employ agents, employees and consultants, including legal, fiscal and paying agents; acquire, construct, manage, maintain and operate buildings, works and t1 \\\ y- R Escondido-Chula Vista Joint Powers Agreement Page 4 improvements; acquire, hold and dispose of property; incur debts, liabilities and obligations which do not constitute the debt. liability or obligation of the parties hereto; sue and be sued; and to do all other things reasonably necessary for the accompl ishment of its purposes and the exercise of its powers. 6. NO LIABILITY. The debts. 1 i abi11t ies and ob 1 i gat ions of the Agency shall not be the debts, 1 iabilities and obligations of Escondido and Chula Vista. 7. FINANCES. (a) (b) Budget. The Agency sha 11 prepare an annua 1 budget of revenues and expenses in each fiscal year, which shall be from July 1 to June 30. Such budget shall also show the revenues and expenses anticipated in connection with each project for which revenue bonds, notes and other evidences of indebtedness are outstanding. A_ccoy,ntabllity of Funds, Re~orts and Audits. There shall be strict accountability of all fun s and a report of all receipts and disbursements of the Agency. The Auditor shall make or contract with a Cert ifi ed Pub 1 i c Accountant or pub 1 i c accountant to make annual audits of the accounts and records of the Agency to be filed annually with the Finance Directors of Escondido and Chula Vista. The Auditor need not make or contract for such audit in any case where an annual audit of the accounts and records of such Agency by a Cert ified Public Accountant or pub 1 i c accountant is otherwi se made by any Agency of the state or Un ited States only as to such accounts and records which are directly subject to such a federal or state audit. The annual audits shall conform to generally accepted auditing standards, the minimum requirements of which shall be as prescribed by the State Controller for special districts under Section 26909 of the Government Code of the State of California. The Agency shall establish and maintain all necessary funds and accounts which shall be open to inspection at all reasonable times by each of the part ies hereto. ( c) Bondin Person Havin Access to Pro ert. The officers who have charge 0, an e, or ave access to any property of the Agency. shall be required to file an official bond with the Agency in such amount as may be established by the Board of Directors. Should an existing bond of any of said officers be extended to cover the obligation provided herein, said bond shall be the official bond of said officers required to be posted herein. The premium on any such bond or bonds shall be an appropriate expense of the Agency. 8. AMENDMENT. Th i s Agreement may be amended by the mutual consent of the parties hereto, duly authorized by resolution of the respective l~gislatiYe bodies thereof; provided that no amendment shall be to the detriment of holders of outstanding bonds. notes or other evidences of indebtedness. Escondido-Chula Vista Joint Powers Agreement Page 5 9. PERIOD OF AGREEMENT. This Agreement shall continue until rescinded or terminated by either mutual consent of the parties hereto duly authorized by resolution of the respective legislative bodies thereof, or by unilateral withdrawal by one of the parties hereto duly authorized by resolution of its legislative body; provided that this Agreement shall be irrevocable as long as the Agency has bonds, notes or other evidences of indebtedness outstanding. 10. DISPOSITION OF PROPERTY. Properties acquired by the Agency shall be held and managed by the Agency and shall not be disposed of to, distributed to, or divided between the parties hereto, except in accordance with their directions, duly authorized by resolution of the respective legislative bodies thereof; provided that no disposition, distribution or division shall be made of properties acquired and/or constructed from the proceeds of outstanding bonds, notes or other evidences of indebtedness except in accordance with the resolution authorizing such bonds, notes or other evidences of indebtedness. 11. SURPLUS MONEY. After the comp 1 et i on of the purposes of th i s Agreement, any surplus money held by the Agency shall be returned in proportion to the contributions made by the parties hereto. 12. FURTHER ASSURANCE. Escondido and Chula Vista shall execute all documents and do all things necessary to enable Agency to execute its powers and accomplish its purposes. 13. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and such counterparts shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized the day and year first above written. ~~~~ AL) CITY Of:'!N~,IDO '__, a By: :A.{ 4 ~~I. . ~aybr ATTE~T: /~ /J;~ t11TY CLERK ' ~ (SEAL) CITY OF A A VISTA C C' By: . < "" /z. ry. I or I hereby cert ify that the foregoi ng instrument is a true copy of the ori gina1 instrument on file in my office. ~~% ~,\\ TARY OF THE ESCONDIDO - CHULA VISTA SING FINANCE AGENCY a,,;:.~ R RESOLUTION NO. RESOLUTION Of THE CITY COUNCIL Of THE CITY OF ESCONDIOO, CALIFORNIA, APPROVING JOINT POWERS AGREEMENT BY AND BETWEEN THE CITY Of ESCONDIOO AND THE CITY OF QlULA VISTA FOR THE PURPOSE OF FINANCING HOME MORTGAGES 85- 8 7 WHEREAS, the CITY OF ESCONDIOO, CALIFORNIA (the 'City') and the CITY Of QlULA VISTA, CALIFORNIA, pursuant and subject to the provisions of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act.), are each authorized and empowered to provide, through lending institutions, long-term low interest home mortgage loans to income-qualified persons and families to finam:e the acquisition of homes and to issue revenue bonds to provide the funds therefor; and, WHEREAS, said Part 5 a1so provides that such powers may be exercised by an agency created by a joint powers agreement under Artie1e 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title I of the Government Code of the State of California, entered into by cities for the express purpose of the joint exercise of such powers; and, WHEREAS, such a Joint Powers Agreement has been proposed and submitted to accomplish the formation of such iigency. NOW, THEREFORE, IT IS HE~E3Y RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. fhat the City Counei 1 of the (ity of EsconGido make and enter into a Joint Powers Agreement to cr~ate tnp 'ESCONCIDO - (HULA VjST~ HOUSrNG FIN~NCE AGENCY" to exerci se COITIT1on powers of the City and the City of Chula Vista, to finance home mortgages pursuant to -1- (( , l' \ \IV \\ Y , R. to the Act; such Joint Powers Agreement to be in the form attached hereto as Exhibit "A", and by this reference' incorporated in and presented to the City Council. ~ 3. That the Mayor is hereby authori zed to execute such Joint Powers Agreement on behalf of the City, and the City Clerk of said City is authori zed to attest the Mayor I s si gnature thereto and affi x thereto the seal of the City. - L....-.- ____ --- ----;z PASSED, ADOPTED AND A.Pt'ROV\:::O by the City coun<:ll of the City of Escondido, CalIfornid dt d regulcH meeting thereof this 3rd day of April, lY8~ by the following vote to-wit: AYES Councilmembers: BEST, COI/AN, HARMON, THURSTON NaBS Councilmembers: NO!~E A~SENT Counci Imembers: UONE ABSTAIN Councilmembers: RADY '~~ E:H.NIE: Cl)I~AN, Mayor of the City of Escondido, California Al"1'EST: J Q~~ the ~: Escondida, Callfornid STATE OP CALIPORNIA CuUljTY uF SAH DIEGO ss. CI~~ OF ESCUNUIDO I, JEANNe BUNCH, CUy Clerk of the City of Sscondido, California, hereby certify that 1 hdve compared the foregoIng copy with the original RESOLUTIUN NO. 8:>-87 passed and adopted by said City Council at a regular meeting thereof, at the time and by the vote therein stdted, which origindl resolution is now on file in my attice, and that the Sdrne \5 a full, true and correct copy thereot and has not ueen amended or repealed. WITNESS my hand and tile ;oeal ot the city of Escondida r\ii:.; 3(d ddj 01:: ^l>ri 1, l'Hj'L Jf(]~~~'h" ~; f,scond\dur C"dltorl\\d. ~~t \\. \ ~> ( SEAL) AGREEMENT THIS AGREEMENT, made this 9th day of , April , 1985, by and between the CITY OF ESCONDIDO, CALIFORNIA, a general law Clty, duly organized and existing under the laws of the State of California, hereinafter called "Escondido", and the CITY OF CHULA VISTA, CALIFORNIA, a chartered city, duly organized and existing under the Constitution and laws of the State of California, hereinafter called "Chu1a Vista"; JOINT POWERS AGREEMENT TO CREATE THE ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY TO EXERCISE COMMON POWERS OF THE CITY OF ESCONDIDO AND THE CITY OF CHULA VISTA TO FINANCE HOME MORTGAGES PURSUANT TO PART 5 OF DIVISION 31 OF THE HEALTH AND SAFETY CODE ~_ THE ~ATE Of CALIFORNIA WIT N E SSE T H: WHEREAS, Escondido and Chu1a Vista, pursuant and subject to the provisions of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act"), are each authorized and empowered to provide, through lending i nst i tut ions, long-term, low interest home mortgage loans to income qual i fi ed persons and famil ies to finance the acquisition of homes and to issue revenue bonds to provide the funds therefor; and, WHEREAS, said Part 5 also provides that such powers may be exercised by an agency created by a joint powers agreement under Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California entered into by cities for the express purpose of the joint exer- cise of such powers; and, WHEREAS, said Art ic1e 1 provides (a) that two or more pub1 ic agencies by agree- ment may jointly exercise any powers common to the contracting parties, and (b) that the agency provided by the agreement to administer or execute the agreement may be a separate commission or board constituted pursuant to the agreement; and, WHEREAS, Escondido and Chu1a Vista have determined that (a) the public interest and economy will be served by, and requi re, the joi nt exerci se of thei r common powers under said Part 5, and (b) to create a separate agency, which agency shall have and exercise said common powers. NOW, THEREFORE, IT IS AGREED, as follows: 1. FORMATION. Escondido and Chu1a Vista, pursuant to the Act and Government Code Sections 6500 et seq., hereby form, estab1 ish and create the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY, hereinafter called "Agency", which shall constitute a separate and distinct public entity. R-1l988 4/1/85 1<- 1/9tf (t." ) fl. fS-t1 LESt:.) EXHIBIT A Escondido-Chula Vista Joint Powers Agreement Page 2 2. PURPOSE. The Agency is formed for the purpose of exerclslng any and all of the common powers of Escondido and Chula Vista for the purpose of financing home mortgages pursuant to the Act. In this regard, Escondido and Chula Vista have each obtained a conditional allocation from the Mortgage Bond Allocation Committee under the provisions of the Costa-Marks Housing Bond Allocation Act of 1981 (the "Costa Marks Act"), which allocation each agrees to assign in a timely manner to the Agency for application in accordance with the further provisions of the Costa Marks Act. In the event that all or any portion of an allocation from the Mortgage Bond Allocation COlll1littee is not sold by the Agency within the prescribed period, then any forfeiture required by the provisions of the Costa Marks Act shall be determined as if the allocation or portion thereof not sold had not been assigned to the Agency. 3. INTERNAL ORGANIZATION. The Agency shall have a governing body des i gnated as the Board of Directors of the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY (the "Board of Directors"), which shall consist of two members of the City Council of Escondido and two members of the City Council of Chula Vista. Each of the initial Directors shall be approved by his or her respective City Council forthwith, upon approval of this Agreement and each shall serve at the pleasure of his or her respective appointing body. (a) Duties of Directors. The duties of the Directors shall be: (l) To make all pol icy decisions and exerci se all of the powers of the Agency; (2) To submit full and regular reports to each of the parties to this Agreement; and ( b) (3) To adopt from time to time such rules and regulations for the conduct of Agency affairs as may be required. Officers. The Agency shall have a President and Vice-President perlOdlcally elected by and from the members of the Board of Directors, and shall have a Secretary who shall be the City Clerk of Escondida and a Treasurer and Auditor who shall be the Finance Director of Chula Vista. ( c) Duties of Officers. office; and Officers shall perform duties normal to their (1) The President shall sign all contracts on behalf of the Agency and perform such other duties as may be imposed by the Board of Directors. t1\t'i "@- \\ Escondido-Chula Vista Joint Powers Agreement Page 3 (d) (e) (2) The Vice-President shall act in the absence of the President. (3) The Secretary shall countersign all contracts on behalf of the Agency; perform such other duties as may be imposed by the Board of Directors; and keep minutes of all meetings and cause a copy of the minutes to be forwarded to each of the members of the Board of Directors and each of the parties to this Agreement. (4) The Treasurer and the Auditor shall have the dut i es and ob 1 i gat ions set forth in Sect ion 6505.5 of the Government Code of the State of Cal iforni a. Meetings. Regular meetings of the Board of Directors shall be held at such time and place as may be established by the Board. Ral~h M. Brown Act. All meetings held by the Board of Directors, including regu1ar, adjourned regular and special meetings, shall be cal led, noticed, held and conducted in accordance with the provisions of the Ralph M. Brown Act, Sections 54950 and 54961 of the Government Code of the State of California. (f) Quorum. Three members of the Board of Directors shall constitute a q~orum: Any action of the Board of Directors shall require the affirmative vote of not less than three Board members. (g) Compensation. The members of the Board of Directors shall receive compensatlOn for their services, which shall be the sum of $50.00 for each meeting of the Board of Directors and shall receive reimbursement for all out-of-pocket expenses incurred in connection with Agency business. 4. AGENCY TO ADMINISTER AGREEMENT. As established by this Agreement, the ESCONDIDO - CHULA VISTA HOUSING FINANCE AGENCY is hereby designated as a public entity separate from the members thereof, and as the entity to administer this Agreement. The Agency shall exercise its powers subject to the restrictions of the Act and this Agreement. 5. POWERS. The Agency shall have the power in its own name to: (a) Finance home mortgages pursuant to the Act; and (b) Make and enter contracts; adopt a seal; employ agents, employees and consultants, including legal, fiscal and paying agents; acquire, construct, manage, maintain and operate buildings, works and t{ ,,0.:.. ~" . Escondido-Chula Vista Joint Powers Agreement Page 4 improvements; acquire, hold and dispose of property; incur debts, liabilities and obligations which do not constitute the debt, liability or obligation of the parties hereto; sue and be sued; and to do all other things reasonably necessary for the accomp 1 i shment of its purposes and the exercise of its powers. 6. NO LIABILITY. The debts, liabilities and obligations of the Agency shall not be the debts, liabilities and obligations of Escondido and Chu1a Vista. 7. FINANCES. (a) ( b) Budget. The Agency shall prepare an annual budget of revenues and expenses in each fiscal year, which shall be from July 1 to June 30. Such budget shall also show the revenues and expenses anticipated in connection with each project for which revenue bonds, notes and other evidences of indebtedness are outstanding. A.ccouJitability of Funds, Re~orts and Audits. There shall be strict accountabi 1 ity of all fun s and a report of all receipts and disbursements of the Agency. The Auditor shall make or contract with a Certified Public Accountant or- public accountant to make annual audits of the accounts and records of the Agency to be fi led annually with the Finance Directors of Escondido and Chu1a Vista. The Auditor need not make or contract for such audit in any case where an annual audit of the accounts and records of such Agency by a Certified Public Accountant or public accountant is otherwise made by any Agency of the state or United States only as to such accounts and records which are directly subject to such a federal or state audit. The annual audits shall conform to generally accepted auditing standards, the minimum requirements of which shall be as prescribed by the State Controller for special districts under Section 26909 of the Government Code of the State of Ca1 iforni a. The Agency shall establish and maintain all necessary funds and accounts which shall be open to inspection at all reasonable times by each of the part ies hereto. Bonding Person Having Access to Property. The officers who have charge of, hand Ie, or have access to any property of the Agency, shall be required to file an offici a1 bond with the Agency in such amount as may be established by the Board of Directors. Should an existing bond of any of said officers be extended to cover the obligation provided herein, said bond shall be the official bond of said officers required to be posted herein. The premium on any such bond or bonds shall be an appropriate expense of the Agency. (c) 8. AMENDMENT. This Agreement may be amended by the mutual consent of the parties hereto, duly authorized by resolution of the respective legislative bodies thereof; provided that no amendment shall be to the detriment of holders of outstanding bonds, notes or other evidences of indebtedness. \t \\~ (2-" Escondido-Chula Vista Joint Powers Agreement Page 5 9. PERIOD OF AGREEMENT. This Agreement shall continue until rescinded or terminated by either mutual consent of the parties hereto duly authorized by resolution of the respective legislative bodies thereof, or by unilateral withdrawal by one of the parties hereto duly authorized by resolution of its legislative body; provided that this Agreement shall be irrevocable as long as the Agency has bonds, notes or other evidences of indebtedness outstanding. 10. DISPOSITION OF PROPERTY. Propert ies acquired by the Agency shall be held and managed by the Agency and shall not be disposed of to, distributed to, or di vided between the part ies hereto, except in accordance with their direct ions, duly authorized by resolution of the respective legislative bodies thereof; provided that no disposition, distribution or division shall be made of properties acquired and/or constructed from the proceeds of outstanding bonds, notes or other evidences of indebtedness except in accordance with the resolution authorizing such bonds, notes or other evidences of indebtedness. 11 . SURPLUS I<<JNEY. After the comp 1 et i on of the purposes of th i s Agreement, any surplus money held by the Agency shall be returned in proportion to the contributions made by the parties hereto. 12. FURTHER ASSURANCE. Escondido and Chu1a Vista shall execute all documents and do all things necessary to enable Agency to execute its powers and accomplish its purposes. 13. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and such counterparts shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized the day and year first above written. ~ ;0(#/-4~/ CITY OF CJULA VIST~) By: ,(l,/-tt; I< J M . or (~I I \........c,""' ATTEST: ~ .~,) ~ CITY CLE . , (SEAL) CITY ~DIDO~ By: ~ Mayor I hereby certify that the foregoing instrument is a true copy of the original instrument on file in my office. ~ ETARY OF THE ESCONDIDO - CHULA VISTA USING FINANCE AGENCY ~<({ 9--\\