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NOW, THEREFORE, the City and the Agency agree as <br /> follows: <br /> Section 1 . Definitions. As used herein, the following <br /> terms shall <br /> have the meaning ascribed thereto, unless the context <br /> requires otherwise. <br /> "Agency" means <br /> the Rancho Palos Verdes Redevelopment <br /> public a body, corporate and politic , exercising <br /> governmental functions and powers and organized and existing <br /> under the Community mmunit Redevelopment Law of the State of California, <br /> Health and Safety Code Section 33000 , et seq. <br /> "Agreement" means this Joint Exercise of Powers <br /> Agreement. <br /> "Article 4" means Article 4 of the Joint Powers Act, <br /> Commencing with Section 6582 . <br /> "Authority" means the Rancho Palos Verdes Improvement <br /> powers a joint authority duly organized and validly <br /> pursuant existingursuant to the Constitution and laws of the State. <br /> "Authority Commission" means the governing body of the <br /> Authority, <br /> which shall be the City Council as provided in this <br /> Agreement. <br /> "Authority Treasurer" means the City Treasurer of the <br /> City. <br /> "Chief Administrative Officer" means the City Manager <br /> of the City. <br /> "City" means the City of Rancho Palos Verdes and, <br /> upon u on the context, may refer to the City as a municipal <br /> corporation <br /> dulyorganized and validly existing pursuant to the <br /> Constitution and laws of the State of California , or may refer to <br /> the area within the territorial limits of the City. <br /> "City Council" means the City Council of the City. <br /> "Cost" as applied to a Public Capital Improvement or <br /> portion thereof financed pursuant to the Joint Powers Act, means <br /> part or any of the cost of construction, renovation, and <br /> acquisition of all lands , structures, real or personal property , <br /> , <br /> ri htsrights-of-way, franchises, easements , and interests <br /> g g <br /> acquired or used for a Public Capital Improvement, the cost of <br /> demolishing or removing any buildings or structures on land so <br /> e g <br /> acquired, includingthe cost of acquiring any lands to which the <br /> buildings, or structures may be moved; the cost of all machinery <br /> 9 <br /> and equipment; finance charges; interest prior to, during, and <br /> for aP eriod after, completion of that construction, as <br /> • <br /> -2- <br /> 900827 jlw C390.WLS ( 2) <br />