(A) Need. There is a need in the County of San Benito for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state policy as set forth in the Act.
(B) Organization. The Industrial Development Authority of the county established by the Act is hereby declared organized and shall function under the name “Industrial Development Authority of the County of San Benito” and be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by the Act.
(1966 Code, § 13C-3) (Ord. 487, § 3)