San Fernando Municipal Code Div. 5 Industrial Development Authority

In accordance with the California Industrial Development Financing Act (Government Code § 91500 et seq.), the city council finds and declares that there is a need for an industrial development authority to function in the city.

(Code 1957, § 2.100)

State Law reference— Necessity of declaration of need to function, Government Code § 91520.

The city council further declares that an industrial development authority shall function in the city in accomplishment of the purpose provided in the California Industrial Development Financing Act (Government Code § 91500 et seq.) and shall carry out and complete projects and perform and exercise derivative obligations and powers as set forth in such act.

(Code 1957, § 2.101)

The city council declares itself to be the board of directors of the industrial development authority, and all the rights, powers, privileges, duties, liabilities, disabilities and immunities vested in such a board under the California Industrial Development Financing Act (Government Code § 91500 et seq.) shall be vested in the city council as such board.

(Code 1957, § 2.102)

The industrial development authority established in the city by the California Industrial Development Financing Act (Government Code § 91500 et seq.) and authorized to transact business and exercise its powers under such act by this division shall be known as the Industrial Development Authority of the City of San Fernando.

(Code 1957, § 2.103)