EAST BAY DELTA HOUSING - Laserfiche WebLink

its independent power to issue bonds or other indebtedness shall not be within the restrictions of the preceding sentence. ARTICLE 7 TERMINATION OF POWERS; DISTRIBUTION OF ASSETS Section 7.01. Termination. The Agency shall continue to exercise the powers herein conferred upon it until the earlier of June 1, 2049 or such time as all Members shall have mutually agreed to terminate this Agreement. However, if any Bonds shall have been issued and are outstanding, then neither this Agreement nor the owers terminate, and Members benefiting from such Bonds, directly or or shall not from the Agency, until all such Bonds and the interest thereon shall have been paid or provision for such payment shall have been made. Section 7.02. Distribution of Assets. (a) In the event that Bonds are not issued, upon termination of this Agreement, all assets of the Agency shall be distributed to the respective grantors or assignors in proportion to their respective contributions. (b) In the event that Bonds are issued and following payment of all principal and interest on the Bonds, or following the provision therefor, upon termination of this Agreement, one half of all assets of the Agency shall be divided equally among the Voting Members, and the other half of the Agency's assets shall be divided pro rata among all Members, based on participation in the Program. Section 7.03. Continued Existence of Agency. Upon termination, this Agreement and the Agency shall continue to exist for the limited purpose of distributing the assets of the Agency and all other functions necessary to close out the affairs of the Agency. ARTICLE 8 GOVERNING BOARD Section 8.01. Board of Directors. The Agency shall be governed by a Board of Directors consisting of one City Council member, member of the Board of Supervisors or staff member (each, a "Director," and collectively, the "Board from each of the Voting Members. Each of the initial Directors shall be approved by their respective city councils forthwith upon approval of this Agreement, and each shall serve at the pleasure of his or her respective city council or board of supervisors. Section 8.02. Alternates. The city council or board of supervisors of each Voting Member shall appoint one alternate to the Board of Directors, who shall be a member of the city council or the board of supervisors or of the staff of such city or county. When the Director from any Voting Member is not present at a Board meeting, the alternate director appointed by such Voting Member may serve in his place with the same authority as a Director. Section 8.03. Compensation and Expenses. Directors may receive compensation for their services pursuant to an authorizing resolution of the Board providing therefor. Each member may be reimbursed for actual expenses, including travel incident to service as a Director, pursuant to an authorizing resolution of the Board. 5