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The Authority shall have and exercise such rights powers privileges, duties, liabilities, disabilities, and immunities as are vested in it under the Act. The provisions of the California Industrial Development Financing Act (Title 10, commencing with Section 91500, of the California Government Code), as amended from time to time, are incorporated herein by this reference and made applicable to the Authority and to all of its actions as such provisions may be constituted at the time any such action is taken by the Authority.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
The sole purpose of the Authority is to undertake projects through the issuance of industrial development bonds in accomplishment of the purposes of the Act, and to carry out and complete such projects and perform and exercise derivative obligations and powers as set forth in the Act.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
As one of its first items of business the Authority shall formulate and adopt an Administrative Plan which shall specifically delineate the criteria and priorities which will be applied in the review and evaluation of applications for financing under the Act as well as the form and type of information to be supplied by applicants for such financing and any other applicable requirements. The Administrative Plan and any other rules and regulations adopted by the Authority shall be consistent with the provisions of the Act and with the applicable regulations adopted by the California Industrial Development Financing Commission.
SECTION HISTORY
Added by Ord. No. 156,954, Eff. 9-3-82.
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