(A) Findings. The City Council finds and declares that there exists in the city a need to assist industry in the financing of capital outlays required to acquire, construct or rehabilitate facilities in order to increase employment opportunities and to contribute to economic development in the city.
(B) Need for an Authority. The City Council further finds and declares that there is a need for an industrial development authority of the city in order to assist in providing industry in the city with an alternative method of financing in acquiring, constructing or rehabilitating facilities in accordance with provisions of the California Industrial Development Financing Act, being Cal. Gov't Code §§ 91500 et seq. (i.e., "the Act").
(C) Establishment. The Industrial Development Authority of the city established by the Act referred to in division (B) herein is declared organized under the name of "Industrial Development Authority of the City of Indio" and shall function under and in accordance with the provisions of the Act.
(D) Construction of provisions. The provisions of this subchapter, being necessary for the welfare of the city and its inhabitants, shall be liberally construed to effect its purposes.
(E) Recodification. The Industrial Development Authority was established by Ordinance No. 882 adopted by the City Council on November 2, 1983. Accordingly, this § 33.200 is a recodification of existing law and not a new enactment.
(Ord. 1750, passed 4-15-20)