Skip to code content (skip section selection)
(A) The California Industrial Development Financing Act, Title 10 (commencing with Cal Gov't Code § 91500), establishes the power and authority in the City Council to appoint its members to be the Board of Directors of an industrial development authority of the city for the achievement of specified public purposes.
(B) The public purposes are to increase oppor-tunities for useful employment or otherwise con-tribute to economic development.
(C) The need for the establishment of an industrial development authority of which the City Council will serve as Board of Directors in the achievement of such purposes is based upon findings that industry requires the new and alternative method of capital financing that such authorities can provide in order for it to undertake the acquisition, construc-tion or rehabilitation of facilities, the use of which will serve those public purposes.
('86 Code, § 2.26.010) (Ord. 3970, passed - - )