Agenda Packet_2024-05-07 - Laserfiche WebLink

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55394.00068\42104908.1 BYLAWS OF CITY OF SANTA ANA PUBLIC FINANCING AUTHORITY ARTICLE I Definitions In addition to the other terms defined herein, the following terms, whether in the singular or in the plural, when used herein and initially capitalized, shall have the meanings specified: (a) Agreement shall mean the Joint Exercise of Powers Agreement creating City of Santa Ana Public Financing Authority, dated as of ____________________, 2024, among the parties thereto. (b) Authority, Board, Member and Joint Powers Law shall have the respective meanings set forth in the Agreement. (c) City shall mean the City of Santa Ana . (d) State shall mean the State of California. ARTICLE II Offices Section 1. Principal Office. The principal office of the Authority shall be located at 20 Civic Center Plaza, Santa Ana, California 92701. ARTICLE III Board Section 1. Powers. Subject to the limitations of the Agreement, the terms of these Bylaws, and the laws of the State of California, the powers of this Authority shall be vested in and exercised by and its property controlled and its affairs conducted by the Board of the Authority. Section 2. Number. The Board shall have seven (7) Directors and shall be the members of the City Council. Each Director shall hold office for a term corresponding to the term of office on the City Council. Notwithstanding anything contained in this section to the contrary, no member of the Board shall hold membership on the Board after the expiration of his or her term as a member of the City Council, or after he or she resigns, or for any other reason, no longer serves on the City Council. Section 3. Compensation. Directors shall serve without compensation but each Director may be reimbursed his or her necessary and actual expenses, including travel City Council 2 – 9 5/7/2024