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ASSOCIATE MEMBERSHIP AGREEME T (1' <br />r by and between theai�� <br />CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY <br />U <br />and the <br />CITY OF CITY OF NEWPORT BEACH, CALIFORNIA <br />THIS ASSOCIATE MEMBERSHIP AGREEMENT (this "Associate Membership <br />Agreement'), dated as of November 25, 2014 by and between CALIFORNIA ENTERPRISE <br />DEVELOPMENT AUTHORITY (the "Authority") and the CITY OF NEWPORT BEACH, <br />CALIFORNIA, a municipal corporation, duly organized and existing under the laws of the State <br />of California (the "City"); <br />WITNESSETH: <br />WHEREAS, the Cities of Selma, Lancaster and Eureka (individually, a "Member" and <br />collectively, the "Members"), have entered into a Joint Powers Agreement, dated as of June 1, <br />2006 (the "Agreement'), establishing the Authority and prescribing its purposes and powers; and <br />WHEREAS, the Agreement designates the Executive Committee of the Board of <br />Directors and the President of the California Association for Local Economic Development as <br />the initial Board of Directors of the Authority; and <br />WHEREAS, the Authority has been formed for the purpose, among others, to assist for <br />profit and nonprofit corporations and other entities to obtain financing for projects and purposes <br />serving the public interest; and <br />WHEREAS, the Agreement permits any other local agency in the State of California to <br />join the Authority as an associate member (an "Associate Member"); and <br />WHEREAS, the City desires to become an Associate Member of the Authority; <br />WHEREAS, City Council of the City has adopted a resolution approving the Associate <br />Membership Agreement and the execution and delivery thereof; <br />WHEREAS, the Board of Directors of the Authority has determined that the City should <br />become an Associate Member of the Authority; <br />NOW, THEREFORE, in consideration of the above premises and of the mutual <br />promises herein contained, the Authority and the City do hereby agree as follows: <br />4833-7301-9141.1 <br />