(A) The city does hereby create a public corporation to carry out the purposes of Idaho Code Title 50, Chapter 27 (the Municipal Industrial Development Program Act or “the Act”). This section shall not be construed to limit or restrict the purposes of the Act, but shall be liberally construed to effect such purposes.
(B) The name of the public corporation shall be the City Industrial Development Corporation (the Corporation).
(C) The Corporation shall have all the powers and be subject to all the limitations and provisions contained in the Act.
(D) A charter (the charter) is hereby issued by the city to the Corporation. The charter grants to the corporation all powers authorized by the Act. A copy of the charter is attached to the ordinance codified in this section as Exhibit A and is incorporated herein by reference. The charter is hereby approved pursuant to Idaho Code § 50-2703(1). The charter may be amended from time to time by the City Council. The existence of the Corporation commences at the time the enactment of this section becomes effective.
(E) The Board of Directors of the Corporation (the Board) shall be comprised of five individuals. The initial members of the Board and all subsequent members shall be appointed by the City Council. Of the members first appointed, two member shall serve for a term of one year, one for a term of two years and two for a term of three years. Thereafter, upon expiration of a term of appointment, each member shall be appointed to a three-year term. If a vacancy occurs during an unexpired term, the Mayor, with the consent of the City Council, shall appoint a member to serve the remainder of the unexpired term. A majority of the members of the Board shall constitute a quorum, and the approval of a majority of a quorum shall be necessary for the Board to take any action.
(F) The affairs of the Corporation shall be conducted and carried out by the Board. The Board shall elect officers from among its own members. Such officers shall be elected at the initial meeting of the Board in each calendar year, shall serve until their successors have been duly elected and shall include a President and a Secretary, and may include a Vice President and an Assistant Secretary. The Board may elect such other officers as it shall from time to time determine to be necessary or desirable. The Board shall adopt bylaws and/or rules and regulations governing the election of officers, the power and duties of such officers, the filling of vacancies in offices, the scheduling, giving notice of and conduct of meetings and the conduct of the Corporation. Such bylaws, rules and regulations may be amended from time to time by the Board; provided, that any such amendments shall be consistent with the provisions hereof. Members of the Board shall serve without compensation but with reimbursement of expenses as may be provided in the bylaws, rules and regulations of the Board.
(G) No director, officer, agent, employee or official of the Corporation shall have a direct or indirect financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial development facility financed through the Corporation.
(H) The Corporation shall have all the powers granted by the Act. Such powers shall include, without limitation, all powers set forth in the charter.
(I) The city may not give or lend any money or property in aid of the Corporation, except as expressly authorized by the Act. This provision shall not preclude the city from dealing with the Corporation on an arms-length basis.
(J) Any net earnings of the Corporation beyond those necessary for retirement of indebtedness incurred by it shall inure to the city and not for the benefit of any other person. Alteration of the charter, or dissolution of, or audits of, the Corporation shall be as provided by the Act and by subsequent ordinances of the city. Upon dissolution of the Corporation, title to all property owned by the Corporation shall vest in the city.
(Ord. 614, passed 5- -2009)