Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, Section 91520(a) of the Act provides that <br />the sole purpose of the Authority is to undertake projects <br />through the issuance of bonds and accomplishment of the pur- <br />poses provided in the Act and to carry out and complete such <br />projects and perform and exercise derivative obligations and <br />powers; and <br />WHEREAS, the Authority is not to transact any busi- <br />ness or exercise any powers under the Act unless, by ordi- <br />nance, the City declares that there is a need for the Author- <br />ity and that the Authority shall function and that such <br />ordinance shall be subject to referendum in the manner <br />prescribed by law for ordinances of the City; and <br />WHEREAS, the City desires to establish the Author- <br />ity for the purposes set forth in the Act. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF <br />COLTON DOES ORDAIN AS FOLLOWS: <br />Section 1. Findings. The City Council hereby <br />finds and declares that there exists in the City a need to <br />assist industry in the financing of capital outlays required <br />to acquire, construct or rehabilitate facilities in order to <br />increase employment opportunities and to contribute to <br />economic development in the City. <br />Section 2. Need for an Authority. The City Council <br />further finds and declares that there is a need for an indus- <br />trial development authority of the City in order to assist in <br />providing industry in the City with an alternative method of <br />financing in acquiring, constructing or rehabilitating <br />facilities in accordance with provisions of the Act. <br />-2- <br />