Santa Ana Municipal Code Div. 13 Industrial Development Authority

The California Industrial Development Financing Act, as set forth in Title 10 (commencing with Section 91500) of the Government Code of the State of California, has established an industrial development authority of this city for the achievement of specified public purposes. The public purposes are the increasing of opportunities for useful employment or otherwise contributing 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 that such 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.

(Ord. No. NS-2992, § 2, 9-1-20)

There is a need in the City of Santa Ana 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.

(Ord. No. NS-2992, § 2, 9-1-20)

(a) Need. There is a need in the City of Santa Ana 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 California Industrial Development Financing Act.

(b) Organization. The industrial development authority of this city established by the California Industrial Development Financing Act is hereby declared organized and shall function under the name "Industrial Development Authority of the City of Santa Ana," and be authorized to transact business and exercise of all of the powers and other authority conferred upon industrial development authorities by such act.

(Ord. No. NS-2992, § 2, 9-1-20)

The city council of the City of Santa Ana is declared to be, ex officio, the board of directors of the industrial development authority of the City of Santa Ana.

(Ord. No. NS-2992, § 2, 9-1-20)

The time, place and manner of the regular meetings of the board of directors of the industrial development authority of the City of Santa Ana shall be established by bylaws adopted by such board.

(Ord. No. NS-2992, § 2, 9-1-20)