“Housing Authority Law” means all powers and obligations related to the provision of financing for the acquisition, construction, renovation, refinancing or development of housing, in accordance with the provisions of Part Two of Division 24 (starting with Section 34200) of the California Health and Safety Code, with respect to members or associate members; which are a housing agency based in the State of California. (a) Notwithstanding other legislative provisions, two or more public bodies authorized to invest funds in their treasuries may exercise this common power by mutual agreement. Funds invested under an agreement under this Section may be invested in accordance with Subsection (p) of Section 53601. An authority established under this Section, with common powers, may issue shares of economic interest in participating public bodies. Each share must represent an equivalent proportionate interest in the underlying pool of securities held by the joint authority. In order to be eligible under this Section, the joint authority issuing the shares of economic interest must have appointed an investment adviser who fulfils all of the following criteria: if its legislators or other management bodies approve, two or more public bodies may, by agreement, jointly exercise each of the powers common to the Contracting Parties, including, but not limited to, the power: to levy a tax, charge or charge, even if one or more of the principals may be outside that State. (c) where an account and registration are audited by a certified public accountant or public accountant, a report thereon shall be submitted to each party to the agreement and to the auditor of the district county where the Home Office of the Joint Powers Authority is located and sent to any public body or person in California; a written request to the joint authority. The report shall be submitted within twelve months of the end of the financial year or financial years to be examined. 2. The participants in the public body shall retain control of the activities carried out under the common powers agreement by controlling the public authorities over the management, administration or ownership of the common authority.
(c) Any agreement of common powers and any agreement between the State and an agency or body with common powers established pursuant to this Section shall be submitted to the legislator for approval before implementation in the budgetary procedure. . . .