2-4-1601: TITLE:
This article shall be referred to as the BURBANK INDUSTRIAL DEVELOPMENT AUTHORITY ORDINANCE. [Added by Ord. No. 2925; formerly numbered Section 14-201; renumbered by Ord. No. 3058,
eff. 2/21/87.]
2-4-1602: PURPOSE:
The California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of the California Government Code (the “act”), has established an industrial development authority of this
City for the achievement of specified public purposes. The public purposes are to increase opportunities for useful employment or otherwise contribute to economic development. [Added by Ord. No. 2925;
formerly numbered Section 14-202; renumbered by Ord. No. 3058, eff. 2/21/87.]
2-4-1603: FINDINGS:
There is a need in the City of Burbank for acquisition, construction, or rehabilitation of facilities for the use of industry which will increase employment opportunities or otherwise contribute to economic
development. In addition, industry requires the new and alternative method of capital finance that industrial development authorities can provide. [Added by Ord. No. 2925; formerly numbered Section 14-
203; renumbered by Ord. No. 3058, eff. 2/21/87.]
2-4-1604: ORGANIZATION:
The Burbank Industrial Development Authority is hereby declared organized and is authorized to transact business within the corporate limits of the City of Burbank and exercise all of the powers and other
authority conferred upon industrial development authorities by the Act. [Added by Ord. No. 2925; formerly numbered Section 14-204; renumbered by Ord. No. 3058, eff. 2/21/87.]
2-4-1605: BOARD OF DIRECTORS:
The Council of the City of Burbank hereby declares itself to be the Board of Directors of the Burbank 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 the Council as such a board. [Added by Ord. No. 2925; formerly numbered Section 14-205; renumbered by Ord. No. 3058, eff. 2/21/87.]
