CHAPTER 12
INDUSTRIAL DEVELOPMENT CORPORATION

SECTION:

1-12-1: Corporation Created

1-12-2: Name of Corporation

1-12-3: Powers of Corporation

1-12-4: Charter Issued by City

1-12-5: Board of Directors

1-12-6: Officers, Duties and Compensation of the Board

1-12-7: Financial Interest Prohibited

1-12-8: Restrictions on Corporation

1-12-9: City Powers

1-12-10: Disposition of Earnings

1-12-1: CORPORATION CREATED:

The City of Mountain Home (the "City") does hereby create a public corporation, as authorized by section 50-2703, Idaho Code, to carry out the purposes of the Municipal Industrial Development Program Act, the same being chapter 27, title 50, Idaho Code (the "Act"). The City reserves the power, as provided in section 50-2703, Idaho Code, to alter or change the structure, organization and programs, or activities of the public corporation, or to dissolve the same, at any time. (Ord. 1083, 7-30-87)

1-12-2: NAME OF CORPORATION:

The name of the public corporation shall be the Industrial Development Corporation of the City of Mountain Home, Idaho (the "Corporation"). (Ord. 1083, 7-30-87)

1-12-3: POWERS OF CORPORATION:

   A.   The Corporation shall have all of the powers and shall be subject to all of the requirements and limitations contained in the Act and as set forth in this Chapter.

   B.   The Corporation shall have all the powers granted by the Act, including, without limitation, all powers set forth in the charter. The Corporation shall be subject to all of the requirements and limitations set forth in the Act, in this Chapter and in the charter. (Ord. 1083, 7-30-87)