HomeMy WebLinkAboutCalifornia Enterprise Development Authority-2011-25 .
ASSOCIATE MEMBERSHIP AGREEMENT
by and between the
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY
and the
CITY OF GRAND TERRACE
THIS ASSOCIATE MEMBERSHIP AGREEMENT (this "Associate Membership
Agreement"), dated as of August 9, 2011, by and between CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY, a public entity of the State of California(the"Authority"), and
the CITY OF GRAND TERRACE, a municipal corporation, duly organized and existing under
the laws of the State of California(the "City");
WITNESSETH:
WHEREAS, the Cities of Selma, Lancaster and Eureka (individually, a "Member" and
collectively, the "Members"), have entered into a Joint Powers Agreement, dated as of June 1,
2006 (the"Agreement"), establishing the Authority and prescribing its purposes and powers; and
WHEREAS, the Agreement designated the Executive Committee of the Board of
Directors and the President of the California Association for Local Economic Development as
the initial Board of Directors of the Authority; and
WHEREAS, the Authority has been formed for the purpose, among others, to assist for
profit and nonprofit corporations and other entities to obtain financing for projects and purposes
serving the public interest; and
WHEREAS, the Agreement permits any other local agency in the State of California to
join the Authority as an associate member(an"Associate Member"); and
WHEREAS, the City desires to become an Associate Member of the Authority;
WHEREAS, City Council of the City has adopted a resolution approving this Associate
Membership Agreement and the execution and delivery hereof;
WHEREAS, the Board of Directors of the Authority has determined that the City should
become an Associate Member of the Authority;
NOW, THEREFORE, in consideration of the above premises and of the mutual promises
herein contained,the Authority and the City do hereby agree as follows:
Section I. Associate Member Status. The City is hereby made an Associate Member of
the Authority for all purposes of the Agreement and the Bylaws of the Authority, the provisions
of which are hereby incorporated herein by reference. From and after the date of execution and
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delivery of this Associate Membership Agreement by the City and the Authority, the City shall
be and remain an Associate Member of the Authority.
Section 2. Restrictions and Rights of Associate Members. The City shall not have the
right, as an Associate Member of the Authority, to vote on any action taken by the Board of
Directors or by the Voting Members of the Authority. In addition, no officer, employee or
representative of the City shall have any right to become an officer or director of the Authority.
Section 3. Effect of Prior Authority Actions. The City hereby agrees to be subject to
and bound by the Agreement and the Bylaws of the Authority.
Section 4. No Obligations of Associate Members. The debts, liabilities and obligations
of the Authority shall not be the debts, liabilities and obligations of the City.
Section 5. Execution of the Associate Membership Agreement. The Authority
represents that execution of this Associate Membership Agreement satisfies the requirements of
the Agreement and Article XII of the Bylaws of the Authority for participation by the City, as an
Associate Member, in all programs and other undertakings of the Authority in which an
Associate Member may participate.
4824-9457-7929.1 2
IN WITNESS WHEREOF, the parties hereto have caused this Associate Membership
Agreement to be executed and attested by their proper officers [hereunto duly authorized, on the
day and year first set forth above.
CALIFORNIA ENTERPRISE
DEVELO MENT AUTHORI�
By:
a e Sche ,Cha an
Attest:
By: C t{A - ,�:!'�j�
r ax S ota, Assistant Secretary
CITY OF GRAND TERRACE
By: it; -
Walt Stanckiewitz, Mayor
Attest:
Bye
Vrenda Me s i Clerk
4824-9457-7929.1 3