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"Associate Member" means a county, city or other public agency which is not a voting <br />member of the Rural County Representatives of California, a California nonprofit corporation <br />("RCRC"), with legal power and authority similar to that of the Members, admitted pursuant to <br />paragraph 4.d. below to associate membership herein by vote of the Board. <br />"Audit Committee" means a committee made up of the nuie-member Executive <br />Committee. <br />"Authority' means California Home Finance Authority ("CHT"), formerly known as <br />CRHMFA Homebuyers Fund or California Rural Home Mortgage Finance Authority. <br />"Board" means die governing board of the Authority as described in Section 7 below. <br />"Bonds" means bonds, notes, warrants, leases, certificates of participation, installment <br />purchase agreements, loan agreements and other securities or obligations issued by die Authority, <br />or financing agreements entered into by die Authority pursuant to die Act and any other obligation <br />within the meaning of the term "Bonds" under the Act. <br />"Delegate" means die Supervisor designated by die governing board of each Member to <br />serve on die Board of die Authority. <br />"Executive Committee" means die nine -member Executive Committee of die Board <br />established pursuant to Section 10 hereof. <br />"Member" means any county which is a member of RCRC, has executed this Agreement <br />and has become a member of the Authority. <br />"Obligations" means bonds, notes, warrants, leases, certificates of participation, installment <br />purchase agreements, loan agreements and other securities or obligations issued by die Authority, <br />or financing agreements entered into by die Authority pursuant to die Act and any other financial <br />or legal obligation of die Authority under the Act. <br />"Program" or "Project" mewis any work, improvement, program, project or service <br />undertaken by die Authority. <br />"Rural County Representatives of California" or "RCRC" means die nonprofit entity <br />incorporated under that naive in die State of California. <br />"Supervisor" means an elected County Supervisor from an RCRC member county. <br />2. Purpose <br />The purpose of the Authority is to provide fmancing for the acquisition, construction, , <br />improvement and rehabilitation of real property in accordance with applicable provisions of law <br />for the benefit of residents and cohnrnunities. In pursuit of this purpose, this Agreement provides <br />for the joint exercise of powers common to any of its Members and Associate Members as <br />provided herein, or otherwise authorized by the Act and other applicable laws, including assisting <br />