(a)
The
California Industrial Development Financing Act, California Government
Code Section 91500 et seq. (the "act"), has created in the city a
public and corporate instrumentality of the State of California known
as the industrial development authority of the City of Escondido (the
"authority"), for the purpose of exercising powers granted by the
act. Section 91520 of the act provides that the authority shall not
transact any business or exercise any powers under the act unless,
by ordinance, the city council declares that the authority is needed
and shall function. The city council of the City of Escondido has
heard public testimony and reviewed written reports which, together
with the personal knowledge of the members of the council, evidence
the need for the city to provide financial assistance to promote economic
development within the city. The city council of the City of Escondido,
acting under and pursuant to the act, finds that the public interest
and necessity require the adoption of this ordinance to activate the
authority. The city council of the City of Escondido does ordain as
follows.
(b)
It
is hereby found and declared that there is a need for the industrial
development authority of the City of Escondido and such authority
is hereby authorized to transact business and exercise all powers
permitted by law.
(Ord. No. 83-50, Intro., § 1, 10-5-83)
