Alhambra Municipal Code Ch. 2.26 Industrial Development Authority

(A) The California Industrial Development Financing Act, Title 10 (commencing with Cal Gov't Code § 91500), establishes the power and authority in the City Council to appoint its members to be the Board of Directors of an industrial development authority of the city for the achievement of specified public purposes.

(B) The public purposes are to increase oppor-tunities for useful employment or otherwise con-tribute to economic development.

(C) The need for the establishment of an industrial development authority of which the City Council will serve as Board of Directors in the achievement of such purposes is based upon findings that industry requires the new and alternative method of capital financing that such authorities can provide in order for it to undertake the acquisition, construc-tion or rehabilitation of facilities, the use of which will serve those public purposes.

('86 Code, § 2.26.010) (Ord. 3970, passed - - )

(A) The City Council hereby finds and declares that there is a need in the city for the acquisition, construction or rehabilitation of facilities for the use of industry which will increase employment oppor-tunities or otherwise contribute to economic develop-ment; and, further, the new and alternative method of capital financing that industrial development authorities can provide will aid in satisfying that need.

(B) The City Council hereby further finds and declares that there is a need in the city for an industrial development authority, of which the City Council shall serve as Board of Directors, to provide industry with an alternative and additional method of financing in accordance with state policy as set forth in the California Industrial Development Act, Cal. Gov't Code §§ 91500 et seq.

('86 Code, § 2.26.020) (Ord. 3970, passed - - )

There is hereby created and established the “Industrial, Development Authority of the City of Alhambra” pursuant to the California Industrial Development Financing Act (Cal. Gov't Code §§ 91500 et seq.).

('86 Code, § 2.26.030) (Ord. 3970, passed - - )

In accordance with Cal. Gov't Code § 91523, the City Council hereby declares itself to be the Board of Directors of the industrial development authority of the city.

('86 Code, § 2.26.040) (Ord. 3970, passed - - )

The industrial development authority of the city and its Board of Directors shall be organized according to and have all of the powers, rights, duties and responsibilities enumerated in the California Industrial Development Financing Act.

('86 Code, § 2.26.050) (Ord. 3970, passed - - )