(a) The EIFD Public Financing Authority No. 1 shall serve as the governing body for the Power Station EIFD and, in that capacity, shall be responsible for the duties as are imposed by California Government Code Sections 53398.50 et seq., including, but not limited to, (i) causing the preparation of, adopting, and implementing the Infrastructure Financing Plan (“Power Station IFP”) for the Power Station EIFD, which will describe, among other things, the allocation by the City to the Power Station EIFD of certain incremental property tax revenue for the purpose of funding public capital facilities and other specified projects of communitywide significance that provide significant benefits to the Power Station EIFD or the surrounding community, (ii) the issuance by the Power Station EIFD of bonds and other forms of indebtedness in furtherance of the purposes of the Power Station EIFD, (iii) causing the timely preparation and delivery of the annual report required by Government Code Section 53398.66(j), and (iv) causing the timely preparation and delivery of the independent audit required by Government Code Section 53398.88.
(b) To the extent permitted under applicable law, the EIFD Public Financing Authority No. 1 shall act as the legislative body of other enhanced infrastructure financing districts formed in the City pursuant to California Government Code Section 53398.51, on such terms and conditions as the Board of Supervisors shall determine by ordinance and as otherwise set forth in the proceedings establishing such infrastructure financing districts.
(Added by Ord. 44-23, File No. 230160, App. 4/7/2023, Eff. 5/8/2023)
(Former Sec. 5.48-3 added by Ord. 24-21, File No. 210032, App. 3/5/2021, Eff. 4/5/2021; expired 4/5/2022)