SEC. 42.1. CREATED UNDER PROVISIONS OF STATE LAW.

   There is need for a public corporation to be known as the Industrial Development Authority of the City and County of San Francisco, to function in the City and County under the provisions of the California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of the Government Code.

   An Industrial Development Authority shall be created and constituted at the same time and in the same manner prescribed by the California Industrial Development Financing Act of said code.

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.2. DEFINITIONS.

   Unless the context otherwise requires, the definitions in this section shall govern the construction of this chapter, as follows:

   (a)   "Act" means the California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of Government Code.

   (b)   "Authority" means the Industrial Development Authority of the City and County of San Francisco.

   (c)   "Board" means the Board of Directors of the Authority.

   (d)   "Officer" means the Chairperson and members of the Board, a secretary, a treasurer, and such assistants for the secretary and the treasurer as the Board may appoint.

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.3. GOVERNING BODY; NAME.

   There shall be a five member board which shall be known as the "Industrial Development Authority of the City and County of San Francisco Board of Directors."

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.4. SELECTION OF BOARD.

   For purposes of selecting original members of the Board and each replacement to the Board as may be required from time to time, the Mayor shall present to the Board of Supervisors of the City and County of San Francisco the name of one person for each vacancy of the Board for consideration for appointment to the Board by the Board of Supervisors. The Board of Supervisors, alone, shall officially appoint members of the Board.

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.5. TERMS OF OFFICE.

   At the time of the appointment of the first directors, the Board of Supervisors shall divide the directors into three groups containing as nearly equal whole numbers as possible. The first term of the directors included in the first group shall be approximately one year; the first term of the directors in the second group shall be approximately two years; the first term of the directors included in the third group shall be approximately three years, as determined by the Board of Supervisors, and thereafter the terms of all directors shall be three years. Directors shall be eligible for reappointment for an unlimited number of terms.

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.6. CHAIRPERSON OF BOARD.

   The authority shall have a chairperson of its board who shall be elected by the members of the Board from among its membership.

(Added by Ord. 595-80, App. 12/26/80)

SEC. 42.7. ORGANIZATIONAL MEETING.

   Within 90 days after the effective date of this ordinance, the Board shall meet and organize as a board of the authority.

(Added by Ord. 595-80, App. 12/26/80)