[Adopted 6-19-2002 by Ord. No. 2923]
The Township intends to and shall file Articles of Incorporation
with the Secretary of the Commonwealth of Pennsylvania for the purpose
of incorporating the Upper Darby Industrial Development Authority.
The Authority shall be formed pursuant to the Pennsylvania Economic
Development Financing Law, 73 P.S. § 371 et seq. The Articles
of Incorporation shall be in a form substantially similar to that
set forth on Exhibit A hereto.
The initial members of the Upper Darby Industrial Development
Authority and their terms of office shall be as follows:
The term of existence of the Upper Darby Industrial Development
Authority shall be 50 years, which term may be extended in accordance
with the provisions of the Pennsylvania Economic Development Financing
Law.