It is hereby found, determined, and declared, pursuant to Section 91520 of the California Government Code, that there is a need for an industrial development authority in the city, and said authority is hereby established and authorized to transact business and exercise its powers under the provisions of the California Industrial Development Financing Act. Said authority shall be known as the “Chico industrial development authority.”
(Ord. 1469 (part))
Pursuant to Section 91523 of the California Government Code, the city council hereby declares itself to be the board of directors of the Chico industrial development authority, and all the rights, powers, privileges, duties, liabilities, disabilities, and immunities vested in a board of directors of an industrial development authority pursuant to the California Industrial Development Financing Act shall be vested in the city council as the board of directors of the Chico industrial development authority.
(Ord. 1469 ( part))