The EIFD Public Financing Authority No. 1 shall serve as the governing body for enhanced infrastructure financing districts (including, initially, the Power Station EIFD), formed in the City pursuant to California Government Code Section 53398.51, on such terms and conditions as the Board of Supervisors shall determine in the Board of Supervisors’ resolutions of intention for such enhanced infrastructure financing districts. In that capacity, EIFD Public Financing Authority No. 1 shall be responsible for the duties as are imposed by California Government Code Sections 53398.50 et seq., including, but not limited to, (a) causing the preparation of, adopting, and implementing the infrastructure financing plan for each enhanced infrastructure financing district, which will describe, among other things, the allocation by the City to the enhanced infrastructure financing district of certain incremental property tax revenue for the purpose of funding public capital facilities and other specified projects of communitywide significance that provide significant benefits to the enhanced infrastructure financing district or the surrounding community, (b) the issuance by the enhanced infrastructure financing district of bonds and other forms of indebtedness in furtherance of the purposes of the enhanced infrastructure financing district, (c) causing the timely preparation and delivery of the annual report required by California Government Code Section 53398.66(j), and (d) causing the timely preparation and delivery of the independent audit required by California Government Code Section 53398.88.
(Former Sec. 5.48-3 added by Ord. 24-21, File No. 210032, App. 3/5/2021, Eff. 4/5/2021; expired 4/5/2022)