Pasadena Municipal Code Ch. 2.20 Industrial Development Authority

This chapter shall be known as the "Industrial Development Authority Ordinance."

(Ord. 6229 § 2 (part), 1987)

In accordance with the California Industrial Development Financing Act (Title 10, commencing with Government Code Section 91500), (the "Act"), the city council found and declared that there was a need for an industrial development authority to function in the city. Pursuant to Government Code Section 91520, there was created and established an authority to be known as the "industrial development authority" and hereinafter referred to as "authority."

(Ord. 6820 § 45 (part), 2000; Ord. 6229 § 2 (part), 1987)

Pursuant to Government Code Section 91523, the city council declared itself to be the board of directors of the authority. All the rights, powers, privileges, duties, liabilities, disabilities and immunities vested in such a body under the Act shall be vested in the city council as the board of directors of the authority.

(Ord. 6820 § 45 (part), 2000; Ord. 6229 § 2 (part), 1987)

The authority shall hold meetings at such time as it shall determine. All of its meetings shall be held in accordance with the Ralph M. Brown Act and shall be open to the public except as provided by law.

(Ord. 6229 § 2 (part), 1987)

A. The sole purpose of the authority is to undertake projects through the issuance of bonds in accomplishment of the purposes provided in Government Code Section 91502, and to carry out and complete such projects and perform and exercise derivative obligations and powers.

B. The city council further declared 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. 6820 § 45 (part), 2000; Ord. 6229 § 2 (part), 1987)