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R (�S'SCS i 0 t/t'�`•�`�� <br /> AbiCxv A 4 +1 <br /> Lag oE:P* <br /> RANCH ALOS V DES <br /> JOINT EXERCISE OF POWERS AGREEMENT <br /> This Joint Exercise of Powers Agreement is dated as of <br /> September 4 , 1990 , and is made by and between the City of Rancho <br /> Palos Verdes ( "City" ) and the Rancho Palos Verdes Redevelopment <br /> Agency ( "Agency" ) . <br /> RECITALS : <br /> A. The Joint Powers Act provides that public agencies <br /> by agreement may jointly exercise any power common to the <br /> contracting parties. <br /> B. The City and the Agency are "public agencies" <br /> within the meaning of that term under Section 6502 of the Joint <br /> Powers Act . <br /> C. The common powers of the City and the Agency <br /> include the power to install and construct public improvements <br /> and to accept financial assistance from other public agencies . <br /> The City and the Agency desire to exercise jointly certain powers <br /> common to the Parties , as set forth herein , including the <br /> foregoing and including the expansion , upgrading and improvement <br /> of Public Capital Improvements . <br /> D. By adding the provisions of Article 4 to the Joint <br /> Powers Act , the State Legislature has provided assistance to <br /> reduce local borrowing costs , to help accelerate the <br /> construction , repair , and maintenance of public capital <br /> improvements , and to promote greater use of existing and new <br /> financial instruments and mechanisms . <br /> E . There is a need within the City, consistent with <br /> the need described in the declarations of the State Legislature <br /> set forth in Article 4 of the Joint Powers Act , to expand , <br /> upgrade , and otherwise improve the public capital facilities of <br /> local government necessary to support the rehabilitation and <br /> construction of residential and economic development , including <br /> the need to install , construct , repair and maintain Public <br /> Capital Improvements , necessary , desirable or appropriate to <br /> abate geologic hazards in the City . The needs of local <br /> government for financing these facilities greatly exceed the <br /> amount of funds available from existing state , local , and federal <br /> sources . <br /> F. The City and the Agency desire to enter into this <br /> • Agreement in furtherance of the Reimbursement and Settlement <br /> Agreement and the Joint Powers Act , including Article 4 thereof . <br /> 30940 HAWTHORNE BOULEVARD / RANCHO PALOS VERDES, CA 90274-5391 / (213) 377-0360 <br />