(A) Need. There is a need in the city for an Industrial Development Authority to provide industry with an alternative and additional method of financing capital projects with specified public purposes by the issuance of tax-exempt industrial development bonds in accordance with state policy as set forth in the Act.
(B) Organization.
(1) The industrial development authority of this city established by the Act is hereby declared organized and shall function under the name “Industrial Development Authority of the City of Riverbank,” and shall meet on an as needed basis. The Authority shall be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities in such Act.
(2) Pursuant to the Act, the City Council may appoint a board of directors of an Industrial Development Authority, or may by resolution declare itself to be the board in which case all the rights, powers, privileges, duties, liabilities, disabilities, and immunities vested in a board shall be vested in the governing body.
(Ord. 2017-009, passed 9-26-17)