CC Resolution No. 17-013 Consenting to the Inclusion of Properties within the City's Jurisdiction in the California HOME Finance AuthorityRESOLUTION NO. 17-013
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
CALIFORNIA, CONSENTING TO INCLUSION OF PROPERTIES WITHIN THE
CITY'S JURISDICTION IN THE CALIFORNIA HOME FINANCE . AUTHORITY,
PROGRAM TO FINANCE RENEWABLE ENERGY GENERATION, ENERGY AND
WATER EFFICIENCY IMPROVEMENTS AND ELECTRIC VEHICLE CHARGING
INFRASTRUCTURE AND APPROVING ASSOCIATE MEMBERSHIP IN THE
JOINT EXERCISE OF POWERS AUTHORITY RELATED THERETO
WHEREAS, the California Home Finance Authority (" Authority") is a joint
exercise of powers authority established pursuant to Chapter 5 of Division 7, Title 1 of
the Government Code of the State of California (Section 6500 and following) (the "Act")
and the Joint Power Agreement entered into on July 1, 1993, as amended from time to
time (the "Authority JP A"); and
WHEREAS, the Authority is in the process of amending the Authority JP A to
formally change its name to the Golden State Finance Authority; and
WHEREAS, Authority has established a property-assessed clean energy
("PACE") Program (the "Authority PACE Program") to provide for the financing of
renewable energy generation, energy and water efficiency improvements and electric
vehicle charging infrastructure (the "Improvements") pursuant to Chapter 29 of the
Improvement Bond Act of 1911, being Division 7 of the California Streets and
Highways Code ("Chapter 29") within counties and cities throughout the State of
California that elect to participate in such program; and
WHEREAS, City of Cupertino (the "City") is committed to development of
renewable energy generation and energy and water efficiency improvements, reduction
of greenhouse gases, and protection of the environment; and
WHEREAS, in Chapter 29, the Legislature has authorized cities and counties to
assist property owners in financing the cost of installing Improvements through a
voluntary contractual assessment program; and
WHEREAS, installation of such Improvements by property owners within the
jurisdictional boundaries of the counties and cities that are participating m the
Authority PACE Program would promote the purposes cited above; and
WHEREAS, the City wishes to provide innovative solutions to its property
owners to achieve energy and water efficiency, and in doing so cooperate with
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8267 1.0 000 I \952 1876.4
Authority in order to efficiently and economically assist property owners within the
City in financing such Improvements; and
WHEREAS, Authority has established the Authority PACE Program, which is
such a voluntary contractual assessment program, as permitted by the Act, the
Authority JPA, originally made and entered into July 1, 1993, as amended to date, and
the City, desires to become an Associate Member of the JPA by execution of the JPA
Agreement, a copy of which is attached as Exhibit "A" hereto, to participate in the
programs of the JPA and to assist property owners within the jurisdiction of the City in
financing the cost of installing Improvements; and
WHEREAS, the City will not be responsible for the conduct of any assessment
proceedings; the levy and collection of assessments or any required remedial action in
the case of delinquencies in the payment of any assessments or the issuance, sale or
administration of any bonds issued in connection with the Authority PACE Program.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. This City Council finds and declares that properties in the City's
incorporated area will be benefited by the availability of the Authority PACE Program
to finance the installation of the Improvements.
2. This City Council consents to inclusion in the Authority PACE Program of
all of the properties in the jurisdictional boundaries of the City and to the
Improvements, upon the request by and voluntary agreement of owners of such
properties, in compliance with the laws, rules and regulations applicable to such
program; and to the assumption of jurisdiction thereover by Authority for the purposes
thereof.
3. The consent of this City Council constitutes assent to the assumption of
jurisdiction by Authority for all purposes of the Authority PACE Program and
authorizes Authority, upon satisfaction of the conditions imposed in this resolution, to
take each and every step required for or suitable for financing the Improvements,
including the levying, collecting and enforcement of the contractual assessments to
finance the Improvements and the issuance and enforcement of bonds to represent such
contractual assessments.
4. This City Council hereby approves joining the JP A as an Associate
M ember and authorizes the execution by appropriate City officials of any necessary
documents to effectuate such membership.
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8267 1.0000 1 \952 1876 .4
5. City staff is authorized and directed to coordinate with Authority staff to
facilitate operation of the Authority PACE Program within the City, and report back
periodically to this City Council on the success of such program.
6. This Resolution shall take effect immediately upon its adoption. The City
Clerk is directed to send a certified copy of this resolution to the Secretary of the
Authority.
PASSED AND ADOPTED at a Regular Meeting of the City Council of the City of
Cupertino the 7th day of February, 2017 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Members of the City Council
Vaidhyanathan, Paul, Chang, Scharf, Sinks
None
None
None
APPROVED:
~64=~ IJf= .~V~~
Grace Schmidt, City Clerk Savita Vaidhyanathan, Mayor,
City of Cupertino
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8267 1.0000 I \952 1876 .4
8267 1.0000 I \952 1876.4
Exhibit A
JP A Agreement
[ to be inserted]
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EXHIBIT A
CALIFORNIA HOME FINANCE AUTHORITY
AMENDED AND RESTATED JOINT EXERCISE OF POWERS AGREEMENT
(Original date July 1, 1993 and as last amended and restated Dece mbe r 10, 2014)
THIS AJ\ilENDED Al'\T D RESTATED JOINT EXERCISE OF PO,i\fE RS AGREEME1 T
("Agreement") is e nte re d into by and among th e counties listed on Attachment 1 he reo f and
incorporated h e re in by refe re nce. All such counties are refe rred to here in as "Members" with the
res pec tiv e powers, privile ges and res trictions provid ed herein.
RECITMB
A. ,i\!HEREAS, the California Rural H o m e Mortgage Finance Authorily ("CRHMFA") was
created b y a Joint Exercise of Powers Agreement date d July 1, 199 3 pursuant to the Joint Exercise
of Powers Act (commencing with Articl e 1 o f Chapter 5 of Division 7 of Title l of the
Govenunent Code o f the State of California (the "Act"). By Re so luti o n 2003-02, adopted on
January 15 , 2003, the name of the authority was change d to CRHMFA Home bu yers Fund. The
most r ece nt amendment to tl1 e Joint Exercise of P owers AgTeement was on January 28, 2004.
B. · WHEREAS, tl1 e Members of CRHMF A Home buye rs Fund des ire to update, realfirm ,
clarif y and rev ise certain provi sions of tl1 e joint powers agTeement, including tl1 e renaming of tl1 e
joint powers autl1orily, as set fortl1 here in.
C. WHEREAS, tl1 e Members are eac h empowere d by law to finan ce tl1 e construction,
acquisition, improveme nt a nd rehabilitation or real property .
D. WHEREAS, by tl1i s Agreement, tl1 e Members d es ire to create and establi sh a joint powe r s
a utl1ority to exercise tl1 e ir res p ec tiv e powers for th e purpose of financin g tl1 e construction,
acquisition, improvement and rehabilitation of real prope rly witltin tl1 e jurisdiction of tl1 e Autl1orily
as autl1orized by tl1 e Ac t.
NOvV, THEREFORE, in consideration of tl1 e mutual covenants contained here in, tl1 e Members
individually and collectively agree as follo ws:
1. D e finition s
U nless tl1 e context otl1erwise re quires, tl1 e follo½~ng te rm s shall for purposes of this
Agreement have tl1 e m eanings sp ec ified b e low:
"Act" m ean s Lhe J oinl Exercise of Powe r s Act, commencing v,~th Articl e l of Chapter 5 of
Divi sion 7 of Title l of th e Government Code of Lh e Slate of California, including Lh e Marks-Roos
Local Bond Pooling Act of 198 5, as ame nd e d .
"Agreement" m ean s tl1i s Joint Exercise of P owers AgTee m e nt, as tl1e same now ex ists or as it
may from tim e to time b e ame nd ed as provid e d herein.
"Associate Member" means a county, city or other public agency which is not a vo tin g
m emb er of the Rural County Re prese ntatives of California., a California nonprofit corporation
(" RCRC"), with leg-al powe r and authority similar to that of th e Members, admitted pursuant to
pa.ragTa ph 1Ld. below to associate m e mber ship h e re in b y vote of the Board .
"Audit Committee" means a committee mad e up of th e nine -me mber Executive
Committee.
"Authority" m eans California. Home Finance Authority ("CI-IF "), formerly known as
CRHMFA Home buye r s Fund or California Rural Home Mortgage Finance Authority .
"Board" m ean s the governing b oa.r el of the Authority as d escrib ed in Section 7 be low.
"Bonds" means bond s, notes, war rants ,· leases, certificates of participation , in stallme nt
purchase agTeements, loan agTeements and othe r se curities or oblig-a.tions iss u ed by the A uthority,
or fin ancing ag reem e 1its entered into b y th e Authority pursuant to th e Act and any otl1er obligation
within tl1 e m eaning of tl1 e te rm "Bonds" under tl1 e Act.
"Delegate" m eans tl1 e Supervisor desig11ate d by th e governing boa.rel of each Member to
serve on tl1 e Board of tl1 e Autl1ority .
"Executive Committee" m eans tl1 e nine-me mbe r Executive Committee of the Board
es tabli sh ed pursuant to Section 10 h e reof.
"Member" m ean s any county which is a m e mb e r of RCR C, has executed tl1is AgTeement
and h as b ecom e a m emb e r of tl1 e Autl1ority .
"Obligations" m ean s bonds, notes, warrants, leases, certificates of p articipation, installme nt
purchase agTeements, loan agreements and otl1er sec uriti es or oblig-a.tions iss ued by the Autl1ority,
or fin ancing agTeeme nts e nte red into by tl1 e Autl10rity pursu ant to tl1e Act and any oth er fin ancial
or leg-al oblig-a.tion of tl1 e Autl10rity unde r tl1e Acl.
"Program" or "Project" m ean s any work, improvement, progTal11, project or servKe
unde rtake n by tl1 e A utl1ority .
"Rural County Representatives of California" or "RCRC" m eal1s tl1 e no nprofit e ntity
incorporate d unde r that na.IT1 e in tl1 e State of California.
"Supervisor" meal1s all e lec ted County Supervisor from all R CR C member county .
2. Pwpose
The purpose o f the Autl1ority is to provid e fin ancin g for th e acquis ition, con stru ction , ,
improve m e nt allcl r e h a bilita.ti on o f real property in accordance witl1 applicable provis io n s o f law
for th e ben e fi t o f res id ents allcl communities. In pursuit of tliis purpose, tJ1i s Agreeme nt provid es
for tJ1 e joint exerc ise o f powe r s common to al l)' of it s Members allcl Assoc iate Members as
provid e d h ere in , or o tJ1 envi se a.utJ10ri ze d by tl1 e Act allcl o tl1 e r a pplicable law s, including assisting
in financing as authorized he re i1i , jointl y exercised in tl1 e manner set fortl1 here in .
3. Principal Place of Business
The principal ollice of tl1e Autl1orily shall be 1215 K Street, Suite 1650, Sacramento,
California 95814.
4. Creation of Authority; Addition of Members or Associate Members
a . The Autl1orily is here by created pursu ant to the Act. As provided in tl1e Act, the
Autl1orily shall be a public e ntily separate and distincl from th e Members or Assoc iate Members .
b. T he Autl1orily wi ll cau se a notice of this Agreement or any ame ndme n t hereto to
b e prepare d and fil e d witl1 the office of tl1e Secretary of State of California in a timel y fashion in
tl1e manner set fortl1 in Section 6503.3 of tl1 e Act.
c . A counly that is a member of RCRC may p e tition to become a m e mber of tl1 e
A utl1orit:y by submilting to the Board a r eso lution or evid e nce of otl1er formal action taken by its
gove rning body adopting this Agreement. The Board shall rev iew tl1 e petitio n for membe rship
and shall vote to a pprove or di sapprove tl1 e pe titi o n. If tl1 e petition is approved by a majorily of
the Board, such counly sha ll imme diate ly becom e a Member of the Autl1orily .
d. An Associate Member may be added to th e Autl1orily upon th e allirmative
approval of its respective govern ing board and pursuant to ac tion by the Autl1orily Board upon
suc h terms and conditions, and "'~tl1 suc h rights, privi leges and res p o n sibiliti es, as may be
establi shed from time to time by tl1 e Board. Such terms and conditions, and ri ghts, privil eges and
responsibilities may vary among tl1e Assoc iate Members . Associate Members shall b e e ntitled to
partici pate in one or more programs of tl1 e Autl1 orily as d etermined by tl1 e Board, but shall not be
vo tin g m e mb ers of tl1 e Board. The Executive Directo r of the Autl1orily shall e nforc e tl1 e terms
and conditions for prosp ective Associate Members to tl1 e Autl1o ri ty as provided by resolution of
tl1 e Board and as amended from time to tim e by tl1 e Board. C hanges in tl1 e term s and conditions
for Associate Membership by tl1e Board wi ll not constilute an amendment of tliis Agreement.
5. Term and Termination of Powers
This AgTeement shall b ecome effective from tl1 e date he reof until the earli e r of tl1e time
·w he n all Bonds and any inte r est tl1 e reon shall have b ee n paid in full , or provision for such
payme nt shall h ave been mad e, or whe n the Autl1orily shall no longer own or hold any interest in a
public capi tal improve m e nt or progTam . Tlie Autl1ority shall con ti nue to exerc ise tl1 e powers
herein conferred upon it m1til te rrriination of this Agreement, exce pt that if any Bonds are issu ed
and delive red, in 110 eve nt shall the exercise of tl1 e powe rs he rein granted b e te rminated until all
Bonds so iss u e d and delive re d and tl1 e interest th ereon shall have been paid or provision for such
payme nt shall have b een mad e and an y other d e bt incurre d witl1 respect to an y otl1er financing
program establi she d or admi1ii ste re d by tl1 e Autl1orily has bee n repaid in full and is 110 longer
o u ts tanding.
6. Powers; Restriction upon Exercise
a. To e fl ecluate it s purpose, the Authorit11 shall have the power to exerc ise any and all
powe r s of th e Members or of a joint powers authority unde r th e Act and other applicable
prov ision s of la,v, subj ect, h oweve r , to the conditions and r estric tion s h erein contained. Each
Member or Assoc iate Member may al so se parate ly exerc ise any and all suc h powe r s. The p owe r s
or th e Authority are limited to those of a ge n e ral lavv counly.
b. The A uthority may adopt, from tim e to time, such resolutions, guide lin es, rules and
regulations for the conduct of it s m ee tings and th e activities of th e Authority as it d eems necessar y
or d es irable to accomplish it s purpose.
c. The Authority shall have the powe r to financ e th e construction, acqms1llon,
improve m e nt and re habilitation of real prope r ly, including th e power to purchase, with the
amounts receive d or to be r ece ive d by it pursu ant Lo a bond purch ase agreement, bo nd s iss ue d by
any of it s Members or Associate Members and other loc a l age nci es at public or negotiated sale, for
the purpose set forth he re in and in acco rdance with the Act. All or any part of such bond s so
purchased may be h e ld by the A utho rity or resold to public or private purchase r s at public or
n ego tiated sale . The Authority shall set any oth er terms and conditions of any purchase or sale
contemplated h e re in as it d ee ms n ecessary or convenient and in furth e ranc e of the Act. The
Authority may issu e o r cause to b e iss ued B o nds or other ind e bte dness, and pl ed ge any o f its
prope rty o r reve nues as security to th e ex te nt permitte d by reso lution or the Board under an y
applicab le provision or law. The Authority m ay iss ue Bonds in accordance with th e Act in order
to raise funds necessary to e ll ecluate its purpose h ereunde r and may e nte r in to agreements to
secure such Bonds. The Authority m ay issue o tl1 e r forms of ind e b te dness a utl10ri ze d b y tl1e Act,
and to secure such d e bt, to furtl1er such purpose . The A uthority may utilize other forms of capital,
including, but not limited to , tl1 e A uthority's in te rnal r esources, capital markets and otl1er form's of
private capital in vestme nt autl1orized by the Act..
cl. The A utl1ority is h e re b y autl1orize d to d o all acts n ecessary for tl1 e exe rci se of its
p owe rs, including, but not limited to:
(1) exe cuting contracts,
(2) e mploy in g agents, consultants and employees,
(3) acquiring, constructing or providing for maintenance and operation or any
building, work o r improvement,
(4) acquiring, h o lding or disposing of real or personal prope rly wherever
locate d , including properly subj ect to mortgage,
(5) incurring d e bts, li a biliti es or obligations,
(6) rece iving gifts, co ntributi o n s and d o natio ns of properly, hmd s, se rvic es and
an y o th e r forms of ass istanc e fr om pe rso n s, firm s, co rporatio n s or
gove rnme ntal e ntiti es,
(7) suing and be in g su e d in it s ovvn name, and liti gati ng or settlin g an y su it s or
claim s,
(8) doing an y and all tlungs necessary or convenient to th e exerc ise o r it s
speci fi c p owe r s a nd to accom pli shing it s purpose
(9) es tabli shing and/o r admini steri ng di stricts lo fin anc e and refinance Lh e
ac quisiti o n, in sta ll atio n and improve m e nt of e ne rgy e llici enc y, water
conservation and renewable energy improvements to or on real properly
;md in buildings. The Authorily may enter into one or more agreements,
including without limitation, participation agreements and implementation
agreements to impl ement such progTams.
e . Subject to the applicable provisions of any indenlure or resolution providing for the
investment of monies held thereunder, the Authority shall have the power to invest any of its funds
as the Board deems advisab le, in the same manner and upon the same conditions as local agencies
pursuant to Section 53601 of the Government Code of the State of California.
f. All property, equipment, suppli es, funds and records of the Authorily shall be
owned by the Auth orily, except as may be provided otherwise h erein or by resolution of the
Board.
g. Pursuant to the provisions of Section 6508 .1 of the Act, the debts, liabilities and
obligations of the Authorily shal l not be debts, liabilities and obligations of the Members or
Associate Members. Any Bonds, together with any interest and premium thereon, shall not
constitute debts, liabilities or obligations of any Member. The Members or Associate Members
hereby agree that any such Bonds issued by the Authorily shall not constilute general obligations of
the Authority but shall be payable solely from the moneys pledged to the repayment of principal or
interest on such Bonds under the tenns of the resolution, indenl1-1re, trust, agTeement or other
instrument pursuant to which such Bonds are issued. Neither the Members or Associate
Members nor the Authorily shall be obligated to pay the principal of or premium, if any, or
interest on the Bonds, or other costs incidental thereto, except from tl1e revenues and funds
pledged tl1erelor, and neither tl1e faitl1 and credit nor tl1e taxing power of tl1e Members or
Associate Members or tl1e Autl10rity shall be pledged to tl1e payment of tl1e principal of or
premium, if any, or interest on tl1e Bonds, nor shal l tl1e Members or Associate Members of tl1e
Autl1orily be obligated in any manner to make any appropriation for such payment. No covenant
or agTeement contained in any Bond shall be deemed to be a covenant or agreement of any
Delegate, or any ollicer, agent or employee of tl1e Autl1ority in an individual capacily, and neitl1er
tl1e Board nor any officer tl1ereof exec uting tl1e Bonds or any document related tl1ereto shall be
liable personally on any Bond or be subject to any personal liability or accountabilily by reason of
tl1e .issuance of any Bonds.
7. Governing Board
a. The Board shall consist of tl1e number of Delegates equal to one representative
from each Member.
b. The governing body of each Member shal l appoint one of its Supervisors to serve
as a Delegate on the Boa.rd. A Member's appointment of its Delegate shall be delivered in writing
(which may be by electronic mail) to tl1e Autl1orily and shall be etlective until he or she is replaced
by such governing body or no longer a Supervisor; any vacancy shall be filled by tl1e governing
body of tl1e Member in the same manner provided in tl1is paragraph b ..
c. The governing body of each Member of the Board shall appoint a Supervisor as an
alternate to serve on tl1e Board in tl1e absence of tl1e Delegate; tl1e alternate may exercise all tl1e
ri ghts and privil eges o f the D e legate, including th e right to be counted in constituting a quorum, to
participate in th e proceedings o f the Boa.rd , and to vote upon any and a.II matters. No al te rnate
may have m o r e than one vote at any m eeting of th e Boa.rd ; and any Member's d es ignation of an
alt e rnate shall b e delivere d in writing (vv hich m ay b e by electronic mail) to th e Authority and shall
be e flecti ve until such alternate is re plac ed by hi s or her gove rning bo d y or is 110 lo nge r a
Supervisor, unl ess otherwise sp ec ifi ed in such appointment. A n y va cancy shall be filled b y th e
gove rning b o d y of the Member in th e same manne r provid ed in thi s para.graph c ..
cl . Any person who is not a m e mbe r of the gove rning body of a Member and who
attends a m eeting 011 b e half of such Member may not vo te or be counted toward a quorum but
may, at th e di scre tion of the Chair, participate in open m eetings h e or sh e attends.
e. Ea.ch Associate Member may d es igua.te a non-vo ting represe ntative to th e Boa.rd
who may n o t be counte d to ward a quorum but who m ay attend open m eetings, pro pose agenda
it e1n s and oth e rwis e p articipate in Board Meetings.
[ D e legates shall not receive compensation for serving as D e legates, but m ay claim
and receive reimbursement for ex pe n ses actually incurre d in connection with such se rvic e
pursuant to rules approved by the Board and subject to th e availability of fonds.
g. The Boa.rd shall have the power, by resolution, to the ex te nt p ermitted by the Act
or any other applicable law, to exercise any powe rs of th e Authority and to delegate any of its
fun ctions to the Executive Committee or one or more D e legates, officers or agents o f tl1 e
Authority, and to cause any authorized D e legate , officer o r agent lo take any ac tion s and execute
any docume nts for and in tl1 e name and 011 b eh alf of tl1 e Board or tl1 e Autl1ority.
h. The B oa.rd may es tabli sh such committees as it d eems necessary for any lawful
purpose; such committees a.r e advisory only and may not act or purport to act on b e half of tl1 e
B oard or tl1 e Au tl1orily.
1. The Board shall d eve lo p , or cause to be d eve lo ped , and review, modify as
necessary, and adopt each Program.
8. Meetings of the Board
a. The Board shall m eet al least o nce annually, but may meet more fr e qu e ntl y upon
ca.II o f a ny oflicer or as provid ed by resolution of the Boa rd .
b. Meetings of tl1 e Board sha ll be call ed , n otice d , held a nd conducted pursuant to tl1e
p rov isio n s of tl1 e Ralph M. Brown Ac t, Chapter 9 (comme ncing "'~tl1 Section 54950) of P a.r t I of
Divisio n 2 o f Title 5 o f tl1 e Government Cod e of the State o f California.
c. The Secretary of tl1 e Autl1orily shall cause minutes o f all meetings of tl1 e Boa.r el to
b e take n and di stributed to eac h Member as soon as poss ibl e after eac h m eeting.
cl. The lesse r o f twelve ( 12) Delega tes o r a maj ori ty of th e number o f current
D e legates shall constitute a qu o rum for transacting bu sin ess at any meeting of tl1 e B oard , exce pt
that less than a quorum may act to a<ljoum a meeting. E..1.c h D e le ga te shall have one vote .
e . Meetings may b e held at any location d es ig1iated in notic e prope rl y given for a
m ee ting and may be conducted by te le phonic or simil ar m eans in any manner otherwise allowe d
by law .
9. Officers; Duties; Official Bonds
a. The Board shall e lect a chair and vice chair from among th e D e legates at the
Board 's annual m eetin g who shall serve a term of one (1) ye ar or until their res p ec ti ve successor is
elected. The chair shall conduct the m ee tings or the Board and p e rform such other duties as may
be specified by resolution of the Board. The vice chair shall perform such duties in the absence or
in th e event of th e unavailability or the chair.
b. The Board shall contract annually with RCRC to administer the Ag ree m e nt and to
provid e administrative se rvic es to the Authority, and the Pres id e nt and Chief Executive Officer or
RCRC shall se rve ex o!Hci o as Executive Directo r, Secretary, Treasurer, and Auditor of th e
Authority. As chief executive of the Authority, the Executive Director is authorized to exe cute
contracts and odier o bli gatio n s of di e Audiority, unless prior Board approval is re quired by a diird
party, by law or by Board spec ification, and to perform odier duties specified by di e Board. The
Executive Dire ctor m ay appoint such odier oflicers as may be required for di e orderly conduct or
di e Authority 's business and affairs who shall serve at die pl eas ure of di e Executive Director.
Subject to die applicable provisions of any ind e nture or resolution providing for a trustee or od1er
fi sc al agent, di e Executive Director , as Treasurer, is d es ignated as di e custodian of di e Authority 's
fond s, from whatever source, and, as su ch , shall have die powers, duti es and responsibilities
sp ec ifi e d in Section 6505.5 of di e Act. The Executive Director, as Auditor, shall have di e powers,
duties and responsibilities spec ifi e d in Section 6505.5 of the Act.
c. The Legislative Advocate for the Authority shall b e di e Rural County
Re presentatives of California.
d. The Treasurer and Auditor are public officers who have charge oC handle, or hav e
access to all prope rty of di e Aud1ority, and a bond for such officer in di e amount or at least one
hundre d thou sand d o llars ($100,000.00) shall b e obtained at di e ex p e n se or the Audiority and
filed with di e Executive Dire~tor. Such bond may sec ure di e faithful p e rformance of such
officer's duties widi res pect to another public ollice if such bond in at least di e same amount
sp ec ificall y mentions the oflice of the Audiority as re quire d he re in. The Treasurer and Auditor
shall cause p e riodic independent audits to b e made of th e Authority's books by a certified public
accountant, or public accountant, iu compliance "'~th Section 6505 of di e Act.
e. The bu sin ess of di e Audiority shall be conducted und e r the superv1s1on of di e
Executive Director by R CR C p e rs o nne l.
10. Executive Committee of the Authority
a. Composition
The Authority shall appoint nine (9) members of its Board to serve on an Executive
Committee.
b. Powers and Limitations
The Executive Committee shall act in an advisory capacity and make
recommendations to the Authority Board. Duties will include, but not be limited to, review of the
quarterly and annual budgets , service as die Audit Committee for die Authority, periodically
revi ew this Agreement; and complete any odie r tasks as may be assigned by the Board. The
Executive Committee shall b e subj e ct to all Limitations imp osed by diis AgTeement, other
applicable law, and resolutions of die Boa.rd.
c. Quorum
A majority of the Executive Conuniltee shall constitute a quorum for tra.iisacting
business of the Executive Committee.
11. Disposition of Assets
Upon termination of this Agreement, a.II remaining assets and liabilities of die Authority
shall be distributed to the respective Members in such manner as shall be determined by die
Board and in accordance widi Lhe law.
12. Agreement Not Exclusive; Operation in Jurisdiction of Member
This Agreement shall not be ex clusive, and each Member expressly reserves its rights to
carry out od ier public capita.I improvements and programs as provided for by lavv and to iss ue
other obligations for d10se purposes. This AgT ee ment shall not be deemed Lo a.m e nd or alter die
te rms of odie r agreements among di e Meinbers or Associate Members.
13. Conflict of Interest Code
The Authority shall by reso lution adopt a Conflict of Interest Code as required by la w.
14. Contnbutions and Advances
Contributions or advanc es or public funds and of personne l, equipment or property may
be made to Lhe Authority by any M e mb e r, Associate Member or any odier public agency to
furdier th e purpose or diis Agreement. Payment of public fonds may be ma.d e to defray the cost of
any contribution . Any advance may b e made subject to repayment, and in that cas e shall be re paid
in die manne r agTeed upon by th e advancing Member, Associate Membe r or other public agency
and die Aud10rity al th e tim e or ma.kin g die advance.
15. Fiscal Year; Accounts; Reports; Annual Budget; Administrative Expenses
a. The fiscal year of th e Authority shall be th e period from January 1 of ea.c h year to
and including the following D ece mber 3 1, except for any partial fiscal year resulting from a c ha.n ge
in accounting based 011 a ditkrent fiscal year previously.
b. Prior to the beginning of each fiscal year, the Board shall adopt a budget tor the
succeeding fiscal year.
c. The Authority shall establish and maintain such lunds and accounts as may be
required by generally accepted accounting principles. The books and records of the Authority are
public records and shall be open to inspection at all reasonable times by each Member and its
representatives.
cl. The Auditor shall either make, or contract with a certified public accountant or
public accountant to make, an annual audit of the accounts and records of the Autl10rity. The
minimum requirements of tl1e audit shall be tl1ose prescribed by tl1e State Controller for special
districts under Section 26909 of tl1e Government Code of tl1e State of California, and shall
conform to generally accepted auditing standards. When an audit of accounts and records is made
by a certified public accountant or public accow1t;rnt, a report tl1ereof shall be filed as a public
record witl1 each Member (and also witl1 the auditor of Sacramento County as tl1e county in which
the Authority's ollice is located) within I 2 months after the end of the fiscal year.
e. In any year in which tl1e annual budget of tl1e Autl1ority does not exceed five
tl1ousand dollars ($5,000.00), tl1e Board may, upon unanimous approval of tl1e Board, replace tl1e
annual audit with an ensuing one-year period, but in 110 event for a period longer tl1an two fiscal
years.
16. Duties of Members or Associate Members; Breach
If any Member or Associate Member shall default in performing any covenant contained
herein, such default shall not excuse tl1at Member or Associate Member from fulfilling its other
obligations hereunder, and such defaulting Member or Associate Member shall remain liable for
tl1e performance of all covenants hereof. Each Member or Associate Member hereby declares
tl1at tliis Agreement is entered into for tl1e benefit of tl1e Autl1orily created hereby, and each
Member or Associate Member hereby grants to tl1e Autl10rily tl1e right to enforce, by whatever
lawful means tl1e Autl1ority deems appropriate, all of tl1e obligations of each of tl1e parties
hereunder. Each and all of tl1e remedies given to the Autl10rity hereunder or by any law now or
hereafrer enacted are cumulative, and tl1e exercise of one right or remedy shall not impair tl1e right
of tl1e Autl1orily to any or all otl1er remedies.
17. Indemnification
To the foll extent permitted by law, the Board may authorize indemnification by tl1e
Autl1orily of any person who is or was a Board Delegate, alternate, ollicer, consultant, employee or
otl1er agent of tl1e Authority, and who was or is a party or is tlireatened to be made a party to a
proceeding by reason of tl1e fact tl1at such person is or was such a Delegate, alternate, ollicer,
consultant, employee or otl1er agent of tl1e Autl1ority. Such indemnification may be made against
expenses, judgments, fines, settlements and otl1er amounts actually and reasonably incurred in
connection witl1 such proceeding, if such person acted in good faitl1 and in a manner such person
reasonably believed to be in tl1e best interests of tl1e Autl1orily and, in the case of a criminal
proc eeding, had no reasona bl e cause to believe hi s or he r conduct was unl aw ful and, in th e case of
an action by or in th e ri ght of the Authority, acte d with such care, including reasonable inquiry, as
an ordinarily prude nt pe rson in a like po sition would us e unde r similar circumstanc es .
18. Immunities
All of th e privileges and immunities from liabilities, exempt.ions from law , ordinances and
rul es, all pension, re li e C di sa bility, worke r s' compensation and other be ne fits which apply to the
activity of ollicers, agents or emplo yees of any of th e Members or Associate Members when
performing their res pec ti ve function s, shall apply to th e m to th e same d egTee and ex tent while
engaged a s D e legates or otherwise a s an oflicer, agent or other re prese ntati ve of th e Authority or
while e ngaged in th e pe rformance of any of th e ir function s or duties unde r the provisions of this
Agreement.
19. Amendment
This AgTeement may be amended by the adopt.ion of the amendment by the governing
bodies of a majority o f the Members. The ame ndment shall b eco m e eflect.ive on the first d ay of
th e month following the la st r equire d m e mber agency approval. An amendment may be initi a ted
b y the Board, upon approval by a majori ty of the Board. Any proposed amendment, including the
text of th e propose d change, shall be giv en b y th e Board to eac h Member's Delegate for
presentation and action by eac h Member's board within 60 days, which tim e may be ex tend ed by
th e Board.
The li st of Members, Attachment 1, may be updated to re flect n ew and/or withdra1,,vn
Members without requiring formal amendment of the Agreement b y th e Authority Board of
Dire ctors.
20. Withdrawal of Member or Associate Member
If a Member withdraws as m e mb e r of RCRC , its m e mb e rship in th e Authority shall
automatically te rminate . A Member or Associate Member may 1,,vi thdraw from this AgTeement
up o n wT itte n notic e Lo the Board ; provid ed howeve r, that no such "'~thdra.,,val shall result in th e
dis so lution of the Authority as long as any Bond s or other obliga tions of the Authority re main
outstanding. Any such ,,,~thdrawal shall becom e e ll ec ti ve thirty (30) days after a resolution adopted
by the Member's gove rning b o d y which authorizes withdrawal is received by the Authority.
Notwithstanding th e foregoing, any termination of membe rship or withdrawal from the Authority
shall not operate to re li eve any terminated or withdrawing Member or Assoc iate Member fr o m
Obligations incurred by suc h termin ate d or Mthdrawing Member o r Assoc iate Member pri or to
th e time of it s termination or withdrawal.
20. Miscellaneous
a. Countel])arts. This AgTeemenl may be exec ute d in seve ral counterparts, eac h of
which shall be an original and all of which shall constitute but one and th e same in strume nt.
b. Construction. T he sectio n headings he re in are for convenience only and are n ot to
be constru e d as modifying or gove rnii1 g the language in th e section refe rre d to.
c. Approvals. \tVhereve r in this Agreement any conse nt or approval is required, th e
sam e shall not be unreaso nably withheld.
cl. Jurisdiction; Venue. This Ag ree m e nt is mad e in the State of California, under the
Constitution and laws of such State and is to be so construed; any action to e nforc e or interpret it s
terms shall be brought in Sacramento County, California.
e. Integration. This Agreement is the complete and excl u siv e statement of the
agreement among the parties hereto, and it supe r se d es and m e rges all prior proposals,
u11cl e r sta11di11gs, and other agreements, whether oral, written, or implie d in conduct, between and
among the parti es relating to th e subject matte r or this Agreement.
f. Successors; Assignment. This Agreement shall be binding upon and shall inure to
the be ne fit of the succ esso r s of the parti es h e reto. Exce pt to tl1 e exte nt ex press ly provid e d he re in ,
110 Member may assign any right or obligation hereunde r .witl1out th e consent or tl1 e Board.
g. Severahility. Should any part, term or provision of tl1i s Agreement be d ec id ed by
tl1 e courts to be illegal or in conflict witl1 any law of tl1 e State of California, or otl1erwise be
re nd ered une nforc eabl e or in e flectual , tl1 e val idity of tl1 e re maining pa rt s, terms or provisions
hereof shall not be aflecte d th e r e by.
The parties he re to have caused tl1is Ag reement to b e exec uted and attested by tl1 e ir properly
autl1orized officers.
AS ADOPTED BY THE MEMBERS:
0 ri ginally date d July 1, 1993
Amended and r estated D ecembe r 10, 19 98
Amended and restate d February 18 , 1999
Amended and restated September 18, 2002
Amended and restate d J a nuary 28, 2004
Ame nde d and restated D ecember 10, 2014
[SIGNA TURES ON FOLLOTiVING PAGES1
A'ITACHMENT 1
CALIFORNIA HOME FINANCEAUIHORITY MEMBERS
As of December 10, 2014
Alpine Cow1ty
Amador County
Butte County
Calaveras County
Colu sa County
Del Norte County
El Dorado County
Glenn County
Humboldt County
Impe rial County
Inyo County
L.k.e County
L1.ssen County
Made ra County
Mariposa County
Mendocino County
Merc ed County
Modoc County
Mono County
Napa County
Nevada County
Plac e r County
Plumas County
San B e nito County
Shasta County
Sierra County
Siskiyou County
Sutte r County
T e hama County
Trinity County
Tuolumne County
Yolo County
Yuba County
SIGNATURE PAGE FOR NEW AS SOCIA TE MEMBERS
NAME OF COUNTY OR CITY:
Dated: --------
By: _________ _
Name: _______ _
Title: _______ _
Attest:
By ____________ _
[Clerk of the Board Supervisors or City Clerk]
STATE
Golden State Finance Authority (GSFA)
1215 K Street, Suite 1650 · Sacramento , California 95814
Phone: (855) 740-8422 · Fa x: (916) 444-3219 . www.gs fa ho me.org
._ __ Finance Authority
Alpine County
Amador County
Butte County
Calaveras County
Colusa County
Del Norte County
El Dorado County
Glenn County
Humboldt County
Imperial County
Inyo County
Alameda County
Contra Costa County
Fresno County
Kern County
Kings County
Marin County
Monterey County
Orange County
MEMBERS
Lake County
Lassen County
Madera County
Mariposa County
Mendocino County
Merced County
Modoc County
Mono County
Napa County
Nevada County
Placer County
ASSOCIATE MEMBERS
Riverside County
Sacramento County
San Bernardino County
San Diego County
San Francisco County
San Joaquin County
San Luis Obispo County
San Mateo County
Plumas County
San Benito County
Shasta County
Sierra County
Siskiyou County
Sutter County
Tehama County
Trinity County
Tuolumne County
Yolo County
Yuba County
Santa Cruz County
Solano County
Sonoma County
Stanislaus County
Tulare County
Ventura County
ASSOCIATE MEMBER JOINT POWERS AUTHORITY (JPA)
Independent Cities Finance Authority (ICFA)
Adelanto (San Bernardino County)
Aliso Viejo (Orange County)
Alturas (Modoc County)
American Canyon (Napa County)
Anaheim (Orange County)
Angels Camp (Calaveras County)
Antioch (Contra Costa County)
Arcata (Humboldt County)
Atwater (Merced County)
Avenal (K ings County)
GSFA-Mem ber Li st
ASSOCIATE MEMBER CITIES
Page 1 of 3
Azusa (Los Angeles County)
Bakersfield (Kern County)
Baldwin Park (Los Angeles County)
Beaumont (Riverside County)
Bell (Los Angeles County)
Bellflower (Los Angeles County)
Belmont (San Mateo County)
Belvedere (Marin County)
Benicia (Solano County)
Berkeley (Alameda County)
04/18/2 017
Golden State Finance Authority (GSFA)
STATE 12 15 K Street , Su ite 1650 Sacramento , California 95 8 14
Phone : (855) 740-8422 · Fa x : (916 ) 444-3219 www.gsfah ome .o rg
ASSOCIATE MEMBER CITIES (continued)
Blue Lake (Humboldt County)
Brea (Orange County)
Brentwood (Contra Costa County)
Buena Park (Orange County)
Burlingame (San Mateo County)
Calabasas (Los Angeles County)
Camarillo (Ventura County)
Campbell (Santa Clara County)
Carlsbad (San Diego County)
Carson (Los Angeles County)
Ceres (Stanislaus County)
Chico (Butte County)
Chino (San Bernardino County)
Chula Vista (San Diego County)
Citrus Heights (Sacramento County)
Claremont (Los Angeles County)
Clovis (Fresno County)
Coalinga (Fresno County)
Colton (San Bernardino County)
Compton (Los Angeles County)
Concord (Contra Costa County)
Corcoran (Kings County)
Corning (Tehama County)
Corona (Riverside County)
Costa Mesa (Orange County)
Crescent City (Del Norte County)
Cupertino (Santa Clara County)
Danville (Contra Costa County)
Del Mar (San Diego County)
Dinuba (Tulare County)
Dixon (Solano County)
Dunsmuir (Siskiyou County)
El Cajon (San Diego County)
El Monte (Los Angeles County)
El Segundo (Los Angeles County)
Elk Grove (Sacramento County)
Encinitas (San Diego County)
Escondido (San Diego County)
Eureka (Humboldt County)
Fairfa x (Marin County)
Fairfield (Solano County)
Ferndale (Humboldt County)
Firebaugh (Fresno County)
Fontana (San Bernardino County)
Fort Bragg (Mendocino County)
Fortuna (Humboldt County)
Foster City (San Mateo County)
Fountain Valley (Orange County)
Fremont (Alameda County)
GS FA-Memb er Li st Page 2 of 3
Fresno (Fresno County)
Galt (Sacramento County)
Garden Grove (Orange County)
Gardena (Los Angeles County)
Gilroy (Santa Clara County)
Glendale (Los Angeles County)
Glendora (Los Angeles County)
Grover Beach (San Luis Obispo County)
Gustine (Merced County)
Hanford (Kings County)
Hawthorne (Los Angeles County)
Hayward (Alameda County)
Hesperia (San Bernardino County)
Highland (San Bernardino County)
Huntington Beach (Orange County)
Huntington Park (Los Angeles County)
Huron (Fresno County)
Imperial Beach (San Diego County)
lone (Amador County)
Irwindale (Los Angeles County)
Jackson (Amador County)
La Habra (Orange County)
La Mesa (San Diego County)
La Mirada (Los Angeles County)
Lafayette (Contra Costa County)
Laguna Beach (Orange County)
Lake Forest (Orange County)
Lakewood (Los Angeles County)
Lancaster (Los Angeles County)
Larkspur (Marin County)
Lemon Grove (San Diego County)
Lemoore (Kings County)
Lomita (Los Angeles County)
Long Beach (Los Angeles County)
Los Angeles (Los Angeles County)
Lynwood (Los Angeles County)
Madera (Madera County)
Malibu (Los Angeles County)
Manteca (San Joaquin County)
Martinez (Contra Costa County)
Mill Valley (Marin County)
Mission Viejo (Orange County)
Montclair (San Bernardino County)
Moorpark (Ventura County)
Moreno Valley (Riverside County)
Morgan Hill (Santa Clara County)
Morro Bay (San Luis Obispo County)
Mount Shasta (Siskiyou County)
Napa (Napa County)
04/18/2 0 17
Golden State Finance Authority (GSFA)
1215 K Street, Suite 1650 Sacramento, California 95814 @@tLtQ)~[M STATE Phone: (855) 740-8422 · Fa x: (916) 444-32 19 · www.qs fahome.o rg
._ __ Fi nance Autho rity
ASSOCIATE MEMBER CITIES (continued)
National City (San Diego County)
N_evada (Nevada County)
Newark (Alameda County)
Newport Beach (Orange County)
Novato (Marin County)
Oakland (Alameda County)
Oakley (Contra Costa County)
Oceanside (San Diego County)
Orland (Glenn County)
Oroville (Butte)
Oxnard (Ventura County)
Pacifica (San Mateo County)
Palmdale (Los Angeles County)
Paradise (Butte County)
Paramount (Los Angeles County)
Placerville (El Dorado County)
Point Arena (Mendocino County)
Porterville (Tulare County)
Poway (San Diego County)
Rancho Cordova (Sacramento County)
Rancho Cucamonga (San Bernardino County)
Redding (Shasta County)
Redondo Beach (Los Angeles County)
Redwood City (San Mateo County)
Reedley (Fresno County)
Rialto (San Bernardino County)
Richmond (Contra Costa County)
Rio Dell (Humboldt County)
Riverside (Riverside County)
Rolling Hills Estates (Los Angeles County)
Sacramento (Sacramento County)
Salinas (Monterey County)
San Anselmo (Marin County)
San Bernardino (San Bernardino County)
San Diego (San Diego County)
San Fernando (Los Angeles County)
San Jacinto (Riverside County)
San Jose (Santa Clara County)
San Leandro (Alameda County)
San Luis Obispo (San Luis Obispo County)
San Marino (Los Angeles County)
San Mateo (San Mateo County)
San Rafael (Marin County)
GS FA -Mem be r Li st Page 3 of 3
San Ramon (Contra Costa County)
Sanger (Fresno County)
Santa Ana (Orange County)
Santa Clara (Santa Clara County)
Santa Cruz (Santa Cruz County)
Santa Fe Springs (Los Angeles County)
Santa Monica (Los Angeles County)
Santee (San Diego County)
Sausalito (Marin County)
Seaside (Monterey County)
Sebastopol (Sonoma County)
Shasta Lake (Shasta County)
Solana Beach (San Diego County)
South San Francisco (San Mateo County)
Stanton (Orange County)
Stockton (San Joaquin County)
Suisun City (Solano County)
Taft (Kern County)
Tehama (Tehama County)
Thousand Oaks (Ventura County)
Tiburon (Marin County)
Torrance (Los Angeles County)
Tracy (San Joaquin County)
Trinidad (Humboldt County)
Twentynine Palms (San Bernardino County)
Ukiah (Mendocino County)
Union City (Alameda County)
Upland (San Bernardino County)
Vacaville (Solano County)
Vallejo (Solano County)
Ventura (Ventura County)
Vista (San Diego County)
Walnut (Los Angeles County)
Waterford (Stanislaus County)
Watsonville (Santa Cruz County)
Weed (Siskiyou County)
West Hollywood (Los Angeles County)
Westminster (Orange County)
Williams (Colusa County)
Willits (Mendocino County)
Willows (Glenn County)
Yreka (S iskiyou County)
04/18/2 01 7