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(A) The City Council hereby finds and declares that there is a need in the city for the acquisition, construction or rehabilitation of facilities for the use of industry which will increase employment oppor-tunities or otherwise contribute to economic develop-ment; and, further, the new and alternative method of capital financing that industrial development authorities can provide will aid in satisfying that need.
(B) The City Council hereby further finds and declares that there is a need in the city for an industrial development authority, of which the City Council shall serve as Board of Directors, to provide industry with an alternative and additional method of financing in accordance with state policy as set forth in the California Industrial Development Act, Cal. Gov't Code §§ 91500 et seq.
('86 Code, § 2.26.020) (Ord. 3970, passed - - )