There being a need in the city for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state policy as set forth in the California Industrial Development Financing Act, Title 10, commencing with Cal. Gov't Code § 91500, the Industrial Development Authority of this city established by the act is declared organized and shall function under the name Industrial Development Authority of the city and be authorized to transact business and exercise all powers and other authority conferred upon industrial development authorities by the act. The City Council shall constitute the Industrial Development Authority's legislative body.
('83 Code, § 2.52.010) (Ord. 834, passed - -82)