[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."