[Ord. No. 793, § 1.]
In accordance with the California Industrial Development Financing
Act (Title 10, commencing with Section 91500 of the Government Code
of the State of California (the "Act"), this city council hereby finds
and declares that there is a need for an industrial development authority
to function in the City of Oakdale.
[Ord. No. 793, § 2.]
This city council hereby further declares that an industrial
development authority shall function in the City of Oakdale, in accomplishment
of the purposes provided in the Act, and to carry out and complete
projects and perform and exercise derivative obligations and powers
as set forth in the Act.
[Ord. No. 793, § 3.]
This city council hereby further declares itself to be the board
of directors of such industrial development authority, and all the
rights, powers, privileges, duties, liabilities, disabilities and
immunities vested in such a board under this Act shall be vested in
this city council as such board.
[Ord. No. 793, § 4.]
The authority established in the City of Oakdale by the Act
and authorized to transact business and exercise its powers thereunder
by this article shall be known as the "Industrial Development Authority
of the City of Oakdale."
