Los Banos Municipal Code Ch. 14 Industrial Development Authority

The California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of the Government Code of the State ("the Act"), has established an Industrial Development Authority for the City for the achievement of specified public purposes. The public purposes are to increase opportunities for useful employment or otherwise contribute to economic development. The need for the establishment of an Industrial Development Authority in the achievement of such purposes is based upon findings that industry requires the new and alternative method of capital finance which such authorities can provide in order for the Authority to undertake the acquisition, construction, or rehabilitation of facilities, the use of which will serve those public purposes.

(§ 1, Ord. 692, eff. October 16, 1981)

There is a need in the City for the acquisition, construction, or rehabilitation of facilities for the use of industry which will increase employment opportunities or otherwise contribute to economic development, and, further, the new and alternative method of capital finance which industrial development authorities can provide will aid in satisfying that need.

(§ 2, Ord. 692, eff. October 16, 1981)

(a) Need. There is a need in the City for an Industrial Development Authority to provide industry with an alternative and additional method of finance in accordance with State policy as set forth in the Act.

(b) Organization. The Industrial Development Authority of the City established by the Act is hereby declared organized and shall function under the name "Industrial Development Authority of the City of Los Banos" and be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by the Act.

(§ 3, Ord. 692, eff. October 16, 1981)