In carrying out the purposes of this Division, the County may exercise any or all of the following powers:
(a) Develop plans, pay principal and interest on bonds, loans, advances, or other indebtedness, or pay financing or carrying charges.
(b) Accept financial assistance, or any other assistance, from public or private sources, for the County’s activities, powers, and duties and expend any funds so received for any of the purposes in this Division.
(c) Borrow money or accept financial or other assistance from the State or the Federal government or any other public agency, or any private lending institution, and comply with any conditions of such loan or grant.
(d) For the purpose of raising money to be deposited in the Economic Development Revolving Fund, the County may:
(1) Appropriate general fund money, residual distributions received by the County under Health and Safety Code §§ 34183 or 34188, or any other funds.
(2) Issue and sell its general obligation bonds in conformity with Article 4.5 (commencing with § 53506) and Article 5 (commencing with § 53510) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code.
(e) If the County qualifies for funding as a disadvantaged community pursuant to § 79505.5 of the Water Code or as defined by § 56033.5 of the Government Code, the County may also enter into an agreement with a qualified community development entity, as defined by Section 45D(c) of the Internal Revenue Code, to coordinate investments of funds derived from the New Markets Tax Credit with those of the County in instances where coordination offers opportunities for greater efficiency of investments to improve conditions described in Subdivisions (d) and (e).
(f) Borrow money (by the issuance of bonds or otherwise) or accept financial or other assistance from any public or private lending institution for any economic development project for any of the purposes of this Division, and execute trust deeds or mortgages on any real or personal property owned or acquired.
(g) Insure or provide for the insurance of any operations of the County against risks or hazards.
(Ord. 4316, passed - -2017)