A charter (the "Charter") is hereby issued by the City to the Corporation. The Charter grants the Corporation all powers authorized by the Act. A copy of the Charter is attached to Ordinance 217 as Exhibit "A" and is incorporated herein by reference. The Charter is hereby approved pursuant to section 50-2703 (1) of the Act. The Charter may be amended, from time to time, by the Mayor and City Council. The existence of the Corporation commences at the time the enactment of this Chapter becomes effective. (Ord. 217, 10-30-89)