The California Industrial Development Financing Act, Cal. Gov’t Code Title 10 (commencing with § 91500), (the “Act”), has established an industrial development authority of this county for the achievement of specified public purposes. The public purposes are to increase opportunities for useful employment or otherwise contribute to economic development. The need for the establishment of an industrial development authority in the achievement of such purposes is based upon the findings that industry requires the new and alternative method of capital finance that the authorities can provide in order for it to undertake the acquisition, construction or rehabilitation of facilities the use of which will serve those public purposes.
(1966 Code, § 13C-1) (Ord. 487, § 1)