Portola Municipal Code Ch. 4.04 Industrial Development Authority and Enterprise Zones

The California Industrial Development Financing Act, set forth in the California Government Code, Title 10, (The Act) commencing with Section 91500, et seq., establishes the industrial development authority of this city for the purposes of achieving specific public purposes, which are, primarily, to increase opportunity for useful and gainful employment; to contribute to the economic development; to establish a sound economic base and business climate; provide for acceptable residential structures and related activities, and such other activities as permitted by law. 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 that such authority can provide in order for it to undertake the acquisitions, construction and/or the rehabilitation of facilities, the use of which will serve those public purposes.

(Ord., 205 (part), 1985)

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

(Ord. 205 (part), 1985)

A. Need. There is a need in the city of Portola for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state law and policies as set forth in the Act.

B. Organization. The industrial development authority of this city council established by the Act is declared organized and shall function under the following name:

INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTOLA

It shall be and is authorized to transact business and exercise all of the powers conferred upon industrial development authorities by the Act and the applicable rules and regulations.

(Ord. 205 (part), 1985)

The city clerk is directed to certify the passage of the ordinance codified in this chapter and to cause the same to be published in the Portola Reporter, a newspaper of weekly circulation, published in Quincy, California, and circulated in the city of Portola, California. The publication shall be in accordance with applicable law.

(Ord. 205 (part), 1985)

This chapter shall become effective thirty days after the final passage and adoption.

(Ord. 205 (part), 1985)