(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.