Bakersfield Municipal Code Ch. 2.50 Industrial Development Authority

Sections: 2.50.010 Statutory authority and findings. 2.50.020 Title. 2.50.030 Established. 2.50.040 Board of directors.

In accordance with the California Development Financing Act (Title 10, commencing with Section 91500 of the Government Code of the state) (the “Act”), this city council finds and declares that there is a need for an industrial development authority to function in the city. (Ord. 2731 § 1, 1982)

The authority established in the city by the Act and authorized to transact business and exercise its powers thereunder by this chapter shall be known as the “industrial development authority of the city of Bakersfield.” (Ord. 2731 § 4, 1982)

The city council further declares that an industrial development authority shall function in the city, in accomplishment of the purposes provided in the Act, and to carry out and complete projects and perform and exercise derivative obligations and powers as set forth in the Act. (Ord. 2731 § 2, 1982)

This city council further declares itself to be the board of directors of such industrial development authority, and all the rights, powers, privileges, duties, liabilities, disabilities, and immunities vested in such a board under the Act shall be vested in this city council as such board. (Ord. 2731 § 3, 1982)