Common use of Member Authorization & Required Vote Clause in Contracts

Member Authorization & Required Vote. The power of the Authority to issue revenue bonds or to incur other forms of indebtedness shall not be exercised until authorized by the Members, as set forth in Article 2, Title 1, Division 7 of the Government Code of the State of California (commencing at section 6540). A 6/7 Vote of the Members, as defined by Article I, Section 1.1(t), is required for the Authority to issue Bonds or other indebtedness.

Member Authorization & Required Vote. The power of the Authority to issue revenue bonds or to incur other forms of indebtedness shall not be exercised until authorized by the Members, as set forth in Article 2, Title 1, Division 7 of the Government Code of the State of California (commencing at section 6540). A 6/7 Vote of the Members, as defined by Article I, Section 1.1(t), is required for the Authority to issue Bonds or other indebtedness. Commented [U12]: This statement can be moved up or qualified if it is capturing unwanted items (for example, leases or installment sale contracts).