(a) The City Council declares that there is a need for an Industrial Development Authority to function in the City of Los Angeles.
(b) There is hereby created and established an authority to be known as the “Industrial Development Authority of the City of Los Angeles”, herein referred to as the “Authority”. The Authority shall function in the City in accordance with the California Industrial Development Financing Act (Title 10, commencing with Section 91,500, of the California Government Code), herein referred to as the “Act”, to accomplish the purposes set forth in the Act with respect to the issuance of industrial development bonds and to perform and exercise derivative powers and obligations as set forth in the Act.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
(a) The Board of Directors shall consist of 7 members, one of whom shall have experience in the commercial and industrial real estate field, one with experience in the bond financing field and one with experience in the accounting field. Recommendations by the Mayor for four of the initial members and by the President of the Council for three of the initial members may be submitted to the Council for its consideration. The Board of Directors shall be appointed by the Council. The initial board shall have three members serving 1-year terms, two members serving 2-year terms, and two members serving 3-year terms. Thereafter, the terms of office for all directors shall be three years. The Mayor may submit to the Council for its consideration recommendations for two of the positions that were initially one year terms, for one of the positions that was initially a two year term, and for one of the positions that was initially a three year term when they become available. The President of the Council may submit to the Council for its consideration recommendations for the other positions that become available under the overlapping terms of office.
(b) The Council may, at its sole discretion and at any time regardless of the incumbency of any directors appointed pursuant to Section 8.201(a), by resolution, declare itself to be the Board of Directors, in which case all the rights, powers, privileges, duties, liabilities, disabilities and immunities vested in the Board shall be vested in the Council as such Board and the terms of office of any incumbents appointed pursuant to Section 8.201(a) shall be deemed terminated.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
Amended by: In Entirety, Ord. No. 166,935, Eff. 6-13-91.
Loading...