Corona Municipal Code Ch. 2.34 Industrial Development Authority

The City Council finds and declares that there exists in the city a need to assist industry in the financing of capital outlays required to acquire, construct or rehabilitate facilities in order to increase employment opportunities and to contribute to economic development in the city.

(`78 Code, § 2.34.010.) (Ord. 1598 § 1, 1981.)

The City Council further finds and declares that there is a need for an industrial development authority in the city in order to assist in providing industry in the city with an alternative method of financing in acquiring, constructing or rehabilitating facilities in accordance with provisions of the California Industrial Development Financing Act.

(`78 Code, § 2.34.020.) (Ord. 1598 § 2, 1981.)

The Industrial Development Authority of the city, established by the Act, is declared organized under the name of "Industrial Development Authority of the City of Corona" and shall function under and in accordance with provisions of the Act.

(`78 Code, § 2.34.030.) (Ord. 1598 § 3, 1981.)

The provisions of this chapter, being necessary for the welfare of the city and its inhabitants, shall be liberally construed to effect its purposes.

(`78 Code, § 2.34.040.) (Ord. 1598 § 4, 1981.)