California Code of Regulations › Title 25 - Housing and Community Development › Division 2 - California Housing Finance Agency › Chapter 4 - Procedures of Board of Directors › Article 1 - Board Action › Section 13302 - Approval of Contractual Agreements and Debt Obligations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The Board of Directors shall authorize
				  any sale of obligations or securities or other debt obligations and shall
				  approve other major contractual agreements. Any other contractual agreements or
				  debt obligations may be approved by the Executive Director pursuant to this
				  section. The Board of Directors may also delegate any contracting authority to
				  the Executive Director on terms provided by Board resolution.
(b) "Major contractual obligations" shall
				  mean operating agreements or obligations which in any fiscal year exceed, or
				  are reasonably expected to exceed the higher of $1,000,000, or such other sum
				  as the Board of Directors may establish from time to time by resolution.
				  Obligations which in any fiscal year do not exceed, or are not reasonably
				  expected to exceed the amount established above may be approved by the
				  Executive Director. The Board of Directors may approve any major contractual
				  obligation either by resolution; or by approving the Agency's annual operating
				  budget, provided that any such major contractual obligation is set forth in a
				  line item in such budget. If the Executive Director determines that there is an
				  emergency, and that such emergency requires the Agency to enter into a major
				  contractual obligation on an expedited basis, the Executive Director may
				  approve the obligation, but shall bring the obligation to the Board for review
				  and ratification at the next regularly scheduled Board meeting.
(c) The Executive Director may delegate
				  his/her authority to approve contractual agreements or debt obligations to any
				  employee of the Agency. Except in the event of extraordinary circumstances, any
				  such delegation of authority shall be in writing and a copy filed with the
				  General Counsel prior to the exercise of such authority. Under extraordinary
				  circumstances, the Executive Director may delegate orally his/her authority to
				  approve contractual agreements or debt obligations. In delegating his/her
				  authority to approve contractual agreements or debt obligations the Executive
				  Director may impose limitations and/or conditions on such authority and may
				  permit further delegation of such authority to any other employee of the
				  Agency.
(d) "Extraordinary
				  circumstances," as used in subdivision (c) above, means such circumstances as
				  the Executive Director shall determine are sufficient to justify an oral
				  delegation of his/her authority to approve contractual agreements or debt
				  obligations. A determination by the Executive Director that extraordinary
				  circumstances exist may be validly communicated, orally or in writing, to any
				  employee of the Agency.
(e) The
				  Executive Director may ratify the purported approval by any employee of the
				  Agency of any contractual agreements or debt obligations which would have been
				  within the authority of the Executive Director to approve at the time of such
				  purported approval.
(f) No sale of
				  obligations or securities or debt obligations or contractual agreements shall
				  be approved unless and until they have been approved by the General Counsel as
				  to legal sufficiency. The General Counsel shall determine which contractual
				  agreements or debt obligations require Board of Director approval as provided
				  herein and which do not. The General Counsel may issue opinions which interpret
				  this section and any employee of the Agency may act in reliance upon such
				  opinion. The General Counsel may delegate his/her authority under this section
				  to other attorneys employed by the Agency.
1. New
					 section filed 10-16-85; effective upon filing pursuant to Government Code
					 Section 11346.2(d) (Register 85, No. 42).
2. Amendment of
					 subsections (a) and (c), repealer and new subsection (b), repealer of
					 subsection (d) and subsection relettering filed 12-19-2005; operative
					 12-19-2005 pursuant to Government Code section 11343.4 (Register 2005, No.
					 51).
Note: Authority cited: Section 51050(e), Health and
						Safety Code. Reference: Sections 7 and 50914, Health and Safety
						Code.