A. Financial Interest Of Officers, Employees: No director, officer, agent, employee or official of the corporation shall have a direct or an indirect financial interest in any property to be included in or any contract for property, service or materials to be furnished or used in connection with any industrial development facility financed through the corporation.
B. Lending Money Or Property By City: The city may not give or lend any money or property in aid of the corporation, except as expressly authorized by the act. This provision shall not preclude the city from dealing with the corporation on an arms length basis.
C. Disposition Of Net Earnings; Annual Audit: Any net earnings of the corporation beyond those necessary for retirement of indebtedness incurred by it shall inure to the benefit of the city and not for the benefit of any other person or entity. Said corporation shall be subject to annual audits and the city shall audit said corporation annually and additionally from time to time as the city may so desire.
D. Repayment Of Expenses: All expenses incurred by the corporation shall be repaid from the proceeds of any issued revenue bonds or from money or property paid by a user or other private source. The funds and property of the city shall not be responsible for repayment of any expenses of said corporation. The corporation shall not commingle the proceeds of one bond issue with the proceeds of another bond issue or with the monies of any other public corporation, municipality, person or entity.
E. Dissolution Of Corporation: Upon the dissolution of the corporation, title to any and all property owned by the corporation shall vest in the city. (1984 Code § 1-10-5)