[Adopted 4-25-1996 by Ord. No. MC-3209 (Ch. 44, Art. II,
of the 1987 Code)]
The Camden Empowerment Zone Trust Commission (CETC), which administers
the empowerment zone grant awarded to the City of Camden, is hereby
authorized to incorporate itself as a nonprofit corporation.
[Amended 5-23-1996 by Ord. No. MC-3215]
Before beginning operations as a nonprofit corporation, the
CETC shall obtain all of the necessary approvals and complete all
of the necessary steps pursuant to 26 U.S.C. § 501 and Title
15A of the New Jersey Statutes Annotated. The CETC is entitled to
operate as authorized upon its presentation to City Council of proof
of its filing of its 501(c)(3) application with the Internal Revenue
Service and upon notification being given to City Council of the Internal
Revenue's action on the application within six months thereof,
provided that all other requirements have been fulfilled.
The certificate of incorporation of the Camden Empowerment Zone
Trust Commission, Inc. (CETC, Inc.) as drafted by the CETC, shall
not be filed until approved by resolution of City Council of the City
of Camden.
The bylaws of the CETC, Inc., the nonprofit corporation, shall
be drafted by the CETC, Inc.; however these bylaws or any subsequent
revisions thereto shall not be effective until approved by resolution
of the City Council of the City of Camden.
The CETC, Inc., is hereby authorized as the sole entity into
which the federal funds, designated for use in the City of Camden's
Empowerment Zone Program, flowing from the United States Department
of Health and Human Services through the State of New Jersey, shall
be directed.
The City Council of the City of Camden shall, by resolution,
designate one of its members as liaison to the CETC, Inc.
[Adopted 8-9-1996 by Ord. No. MC-3235 (Ch. 44, Art. III, of the 1987 Code)]
The certificate of incorporation of the Camden Empowerment Zone
Corporation, as filed with the Secretary of State of the State of
New Jersey on June 7, 1996, is hereby approved.