San Benito County Municipal Code Art. II Industrial Development Authority

The California Industrial Development Financing Act, Cal. Gov’t Code Title 10 (commencing with § 91500), (the “Act”), has established an industrial development authority of this county 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 the findings that industry requires the new and alternative method of capital finance that the authorities can provide in order for it to undertake the acquisition, construction or rehabilitation of facilities the use of which will serve those public purposes.

(1966 Code, § 13C-1) (Ord. 487, § 1)

There is a need in the County of San Benito 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 that industrial development authorities can provide will aid in satisfying that need.

(1966 Code, § 13C-2) (Ord. 487, § 2)

(A) Need. There is a need in the County of San Benito 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 county established by the Act is hereby declared organized and shall function under the name “Industrial Development Authority of the County of San Benito” and be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by the Act.

(1966 Code, § 13C-3) (Ord. 487, § 3)