[Ord. 825, 3/15/2001, § 1]
Borough Council signifies its intention and desire to organize an Authority under the Economic Development Financing Law, as amended, 73 P.S. § 371 et seq. (The "law"), for the purposes of exercising any and all powers conferred by the law.
[Ord. 825, 3/15/2001, § 2]
The President of Borough Council and the Secretary, respectively, of the Borough are authorized and directed to execute, in behalf of the Borough, Articles of Incorporation for said Authority, in substantially the following form:
ARTICLES OF INCORPORATION
TO THE SECRETARY OF THE COMMONWEALTH OF PENNSYLVANIA:
In compliance with requirements of the Acts of Assembly, approved August 23, 1967, P.L. 251, as amended and supplemented, known as the Economic Development Financing Law, as amended by the Act of December 17, 1993, P.L. 490, 73 P.S. § 371 et seq., and pursuant to an Ordinance duly enacted by the municipal authorities of the Borough of Elizabethtown, Lancaster County, Pennsylvania, expressing the intention and desire of the municipal authorities of said municipality to organize an authority, under provisions of said Economic Development Financing Law, said municipality certifies:
1. 
The name of the authority is "Elizabethtown Industrial Development Authority."
2. 
The authority is formed under said Economic Development Financing Law, as amended and supplemented.
3. 
The name of the incorporating municipality is the Borough of Elizabethtown, Lancaster County, Pennsylvania.
4. 
The name and address of the municipal authorities of the said incorporating municipality is: [Here followed the office, name and address of the municipal authorities of the Borough.]
5. 
The members of the Board of the authority shall be nine in number.
6. 
The names and addresses and terms of office of the first members of the Board of the Authority, which in accordance with the Economic Development Financing Law shall be measured from January 1, 2001, are as follows: [Here followed the names, addresses and terms of office of the members of the first board of said Authority.].
7. 
The term of existence of the Authority shall be 50 years from its date of incorporation.
8. 
The Authority shall have all powers authorized by the Economic Development Financing Law.
[Ord. 825, 3/15/2001, § 3]
The Board of the Authority shall consist of five members.
[Ord. 825, 3/15/2001, § 4]
The surplus assets of the Authority not reasonably required to meet or provide for the obligations or operation of the Authority shall be transferred, upon the written direction of the Borough, to the Borough, from time to time.
[Ord. 825, 3/15/2001, § 5]
The President of Borough Council and the Secretary, respectively, of the Borough further are directed to cause notice of the substance of this Part, including the substance of the foregoing Articles of Incorporation, and of the proposed filing of such Articles of Incorporation to be published as required by the law.
[Ord. 825, 3/15/2001, § 6]
The President of Borough Council and the Secretary, respectively, of the Borough further are directed to cause such Articles of Incorporation, together with the necessary proofs of publication, to be filed with the Secretary of the Commonwealth of Pennsylvania, and to do all other acts and things necessary or appropriate to effect the incorporation of such Authority, including payment of any filing fees required in connection therewith.
[Ord. 825, 3/15/2001, § 7]
The enactment of this Part is deemed necessary for the benefit and preservation of the public health, peace, comfort and general welfare of and will increase the prosperity of the citizens of this Borough.