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Chino Hills Financing Authority A2004-21 - A1 A04-21 AMENDMENT TO Ji I;INT EXERCISE OF POWERS AGREEMENT CHINO HILLS FINANCING AUTHORITY This AMENDMENT TO JOINT EXERCISE OF POWERS AGREEMENT, dated as of September 8, 2015, (this "Amendment"), is made by and between the City of Chino Hills, California (the "City"), and the Chino Hills Parking Authority (the "Parking Authority"), each duly organized and existing under the laws of the State of California. RECITALS: WHEREAS, the City and the Chino Hills Redevelopment Agency (the "Agency") entered into that certain Joint Exercise of Powers Agreement, dated January 13, 2004 (the "Financing Agreement"), for the purpose, among other things, of issuing its bonds to be used to provide financing and refinancing for any purposes which are authorized by law; and WHEREAS, the Agency was dissolved effective February 1, 2012, pursuant to Assembly Bill xl 26 (as subsequently amended from time to time, the"Dissolution Act"); and WHEREAS, pursuant to Section 34178(c) of the Dissolution Act, a joint exercise of powers agreement in which a redevelopment agency is a member of the joint powers authority, such as the Financing Agreement, was specifically declared valid despite the dissolution of redevelopment agencies; and WHEREAS, the Authority desires to amend the Financing Agreement pursuant to Section 8.04 thereof to add the Parking Authority as a member and party thereunder in the place of the Agency; and WHEREAS, adding the Parking Authority as a member and party to the Financing Agreement will facilitate the issuance of revenue bonds by the Authority; and WHEREAS, the City and the Parking Authority desire to have the Parking Authority become a member and party under the Financing Authority. NOW, THEREFORE, in consideration of the above premises and of the mutual covenants hereinafter contained the parties hereto agree as follows: ARTICLE I ADDITION OF CHINO HILLS PARKING AUTHORITY AS A MEMBER; AMENDMENTS Section 1.01. Addition of Member and Party to Financing Agreement. The Parking Authority is hereby made a member and party under the Financing Agreement for all purposes thereof. Section 1.02. Amendments. Upon execution by the Parking Authority of this Amendment, all references to "Agency" in the Financing Agreement are hereby removed and replaced with "Parking Authority" and the definition in Section 1.01 of the Financing of "Agency" is removed and replaced with the following: "Parking Authority" means the Hills Parking Authority," a body politic and corporate organized and existing under and by of the laws of the State of California." ARTICLE II RATIFICATION OF REMOVAL OF AGENCY AS A MEMBER Section 2.01. Removal of Member. The Authority confirms and ratifies, and the City and the Parking Authority agree, that the Agency is not a member of the Financing Agreement due to its dissolution. ARTICLE III MISCELLANEOUS Section 3.01. Counterparts. This Amendment may be simultaneously executed in counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. IN WITNESS WHEREOF,the parties hereto, by their officers thereunto duly authorized, have executed and delivered this Amendment, effective as of the day and year first above written. CITY OF CHINO HILLS, CALIFORNIA By: f CYNTHItMORAN, MAYOR ATTEST: CHERYL BAL2,CITIK IERK CHINO HILLS PARKING AUTHORITY By: •v&� 6 / l CYNTHI MORAN, CHAIRPERSON ATTEST: Wa CHErIflALZ, SECR`l✓tARY ACKNOWLEDGED AND ACCEPTED CHINO HILLS FINANCING AUTHORITY By: C A . KONRADT BARTLAM EXECUTIVE DIRECTOR