The California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of the Government Code of the State (the "Act"),
has established an industrial development authority for the City 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 findings that industry requires the new and alternative method of capital
finance which 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.
(§ 1, Ord. 460, eff. February 25, 1981)
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