[CC 1988 §2-115; Ord.
No. 3166 §§1 — 4, 2-7-1994]
A.
Findings And Determinations. The City Council of the City
of De Soto, Missouri, hereby finds and determines that it is wise,
expedient, necessary and advisable that an industrial development
corporation be formed in the City under the name of "The Industrial
Development Authority of the City of De Soto, Missouri" (the "Authority").
B.
Approval Of Application And Authorization To Form The Authority. The application is hereby approved and the applicants are hereby
granted permission and authorized to proceed to form and organize
the authority for the purpose of developing commercial, industrial,
agricultural and manufacturing facilities pursuant to the provisions
of the Industrial Development Corporations Act.
C.
Approval Of Articles. The form of Articles of Incorporation
proposed to be used in organizing the authority are hereby approved,
and the applicants are hereby authorized and directed to execute,
acknowledge and file said Articles of Incorporation with the Secretary
of the State of Missouri.
D.
Appointment Of Directors. There shall be at least five (5)
directors appointed by the Mayor. The directors shall be duly qualified
electors of and taxpayers in the City of De Soto, Missouri, and shall
have been resident taxpayers thereof for five (5) years immediately
prior to their appointment and shall not be officers or employees
of the City of De Soto, Missouri. The members of the first (1st) authority
shall be appointed; two (2) shall be appointed for two (2) years;
two (2) shall be appointed for four (4) years and one (1) for six
(6) years.
