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(A) The California Industrial Development Financing Act, Cal. Gov't Code §§ 91500 et seq. (the “Act”), has established in the city, a public instrumentality of the State of California known as the Industrial Development Authority of the city of Riverbank, for the purpose of exercising powers granted by the Act.
(B) The public purposes are to increase opportunities for useful employment or otherwise contribute to economic development.
(C) The sole purpose of an authority is to undertake projects through the issuance of tax-exempt bonds in accomplishment of the purposes provided in the Act and to carry out and complete such projects and perform and exercise derivative obligations and powers.
(Ord. 2017-009, passed 9-26-17)