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V. <br />5.1 joint Action with Other Agencies. <br />In the event that other major thoroughfare and bridge <br />fee agencies are formed for the purpose of planning, <br />coordinating, acquiring, financing, constructing, maintaining, <br />repairing, managing, operating and controlling major <br />thoroughfares and bridges in the Foothill and Eastern <br />Transportation Corridors or other transportation corridors, the <br />Board is authorized to make or perform any agreement to join <br />with said agencies in the planning and implementation of said <br />thoroughfares and bridges, when for any purpose otherwise <br />permitted by law, the Board deems it appropriate. <br />5.2 Communications Between Corridor Agencies. <br />In the event that the agencies described in Section <br />5.1 above are formed, the chairman or his designate shall meet <br />with the chairmen, or their designates, of said agencies at <br />least quarterly, for the purpose of coordinating the planning, <br />financing and construction activities of the various agencies. <br />5.3 *Lending and Borrowing of Funds Between Agencies. <br />When it is found to be beneficial to the purposes of <br />the Agency and otherwise permitted by law, and serves the <br />general purpose of improving transportation facilities in <br />Orange County, the Board is authorized to lend and borrow <br />available funds and services to or from the agencies described <br />in Section 5.1 above, upon the approval of not less than two <br />thirds (2/3) of the Board Members. The Board shall specify <br />the date and manner in which the funds or services shall be <br />repaid and may provide for the payment of interest on the loan. <br />VI. <br />BUDGET AND DISBURSEMENTS <br />6.1 Annual Budget. <br />The Board shall adopt upon the approval of not less <br />than two thirds (2/3) of the Board Members, an annual budget, <br />for the ensuing fiscal year, pursuant to procedures developed <br />by the Board. <br />-13- <br />