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(b) The Treasurer Controller of the Agency is designated as the public officer or person who has charge of. handles, or has access to any property of the Agency, and as such, shall file a fidelity bond with the Secretary of the Agency in an amount to be fixed by the Board. The cost of such bond shall be a proper charge against the Agency. To the extent permitted by an existing fidelity bond, the Treasurer Controller may satisfy this requirement by filing a fidelity bond obtained in connection with another public office, if the amount of that bond equals or exceeds the bond amount established by the Board of Directors. ARTICLE 11 FISCAL YEAR The fiscal year of the Agency shall be the period from July 1 of each year through and including the following June 30; provided. however, that if the date of this Agreement is other than any July 1, the first fiscal year shall be the period from the date of this Agreement through and including the following June 30. ARTICLE 12 ADMINISTRATION Section 12.01. Administrative Entity. In accord with Section 6506 of the California Government Code, the initial administrative entity of the Agency shall a California nonprofit corporation established or selected for such purpose. Section 12.02. Duties of Administrative Entity; Delegation. The administrative entity shall be responsible for implementation of the Program of the Agency. In carrying out its responsibilities for administration of the Program, the administrative entity may contract with others, deemed by it to be qualified. to perform some or all of the administrative functions required for implementation of the program. Section 12.03. Replacement of Administrative Entity. The Board may change the administrative entity at its discretion. Section 12.04. Appointment of Underwrites J. K. Chilton Associates, Inc. is hereby appointed as underwriter of the Bonds issued by the Agency. ARTICLE 13 BONDS Section 13.01. Issuance of Bonds. The Agency shall have the power to issue Bonds or other forms of indebtedness authorized by law, at any time, for the purpose of raising funds necessary to carry out its powers and purpose under this Agreement. ARTICLE 14 AGREEMENT NOT EXCLUSIVE Section 14.01. Agreement Not Exclusive. This Agreement is not the exdusive means by which the Members may perform duties relating to housing imposed by law. Each of the 7