Camarillo Municipal Code Ch. 2.44 Industrial Development Authority

The city finds, determines and declares that there is a need for the authority to provide industry with an alternative method of financing for acquiring, constructing or rehabilitating facilities which will promote the public purpose of increasing employment opportunities or otherwise contributing to economic development of the city and/or the state.

(Ord. 864 § 1, 1996.)

The city activates the authority, designated the "industrial development authority of the city of Camarillo," and the authority shall function pursuant to and in accordance with the provisions of the Act.*

(Ord. 864 § 2, 1996.)

* Editor's Note: "Act" refers to the California Industrial Development Financing Act.

The territorial jurisdiction of the authority to undertake projects shall be coterminous with the boundaries of the city, as they exist from time to time.

(Ord. 864 § 3, 1996.)

The authority shall have all of the powers of an industrial development authority enumerated in or permitted by the Act, to be exercised solely in the accomplishment of the purposes of industrial development authorities set forth in the Act.

(Ord. 864 § 4, 1996.)

Pursuant to Section 91520(c) of the Act, the authority shall conclusively be deemed to have been established and authorized to transact business and exercise its powers upon proof of adoption of the ordinance codified in this chapter.

(Ord. 864 § 5, 1996.)