The California Industrial Development Financing Act, Title 10 (Section 91500), Government Code, has established an industrial development authority for the achievement of specified public purposes. The public purposes are to increase opportunities for useful employment and to contribute to private economic development. The need for the establishment of an industrial development authority to achieve such purposes is based upon finding that the private industry requires new and alternative methods of capital finance for the acquisition construction, and rehabilitation of facilities.
(Ord. 82-6 § 1, 1982)
There is a need in the City of Plymouth for the acquisition, construction, or rehabilitation of facilities for use in industry, which will increase employment opportunities and contribute to economic development; and further, the alternative method of capital finance that an industrial development authority can provide will aid in satisfying that need.
(Ord. 82-6 § 2, 1982)
There is therefore established in the City of Plymouth an industrial development authority, hereby declared and organized, which shall function under the name:
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PLYMOUTH
and which is hereby authorized to transact business and exercise all of the power and authority conferred upon industrial development authorities by the Act. The authority shall have the power to accept and act upon all applications from companies for financing by the issuance of bonds, and to execute any contract or agreements with companies respecting a project, the agreement form to include leases, installment sales, loans, or guarantees.
(Ord. 82-6 § 3, 1982)