(a)
The city is authorized, as a result of an election held on January 16, 1999, to create a corporation to act on the city’s behalf to promote economic development within the city in accordance with the provisions of Vernon’s Ann. Civil St., article 5190.6, section 4B, as amended (the “Act”).
(b)
The creation of the corporation is authorized in order to eliminate unemployment and underemployment and to promote and encourage employment and the public welfare of, for, and on behalf of the city, and for parks, auditoriums, learning centers, open space improvement, athletic and exhibition facilities, and other related improvements and for maintenance and operating costs of the publicly owned and operated projects by developing, implementing, providing and financing projects under section 4B of the Act.
(c)
The
city council hereby finds and determines that creation of the city
economic development corporation (the “corporation”) should
be approved and authorized and the corporation’s articles of
incorporation and bylaws approved.
(d)
The
city council further finds and determines that provision should be
made for the imposition and levy of the sales and use tax authorized
pursuant to the Act and approved by the voters at the aforesaid election.
(Ordinance 127 adopted 5/27/99)
The articles of incorporation of the corporation attached to
Ordinance 127 as exhibit A, and incorporated herein by reference as
a part hereof for all purposes, are hereby approved, and the city
council hereby authorizes the filing of the articles of incorporation
with the secretary of state in accordance with the Act.
(Ordinance 127, sec. 1, adopted 5/27/99)
The bylaws of the corporation attached to Ordinance 127 as exhibit
B, and incorporated herein by reference as a part hereof for all purposes,
are hereby approved.
(Ordinance 127, sec. 2, adopted 5/27/99)
