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