(a) The EIFD Public Financing Authority No. 1 shall have the powers and duties set forth in California Government Code Sections 53398.50 et seq., as may be amended from time to time.
(b) The EIFD Public Financing Authority No. 1 shall have no authority to exercise the sovereign powers of the City. The Power Station EIFD, once formed, shall be a governmental entity separate and distinct from the City and its sole purpose shall be to finance public capital facilities and projects of community-wide significance and other costs in accordance with California Government Code Sections 53398.50 et seq.
(Added by Ord. 44-23, File No. 230160, App. 4/7/2023, Eff. 5/8/2023)
(Former Sec. 5.48-6 added by Ord. 24-21, File No. 210032, App. 3/5/2021, Eff. 4/5/2021; expired 4/5/2022)