The city council declares that there is a need for an industrial development authority to be created and to function within the city. There is established an "authority," as defined in Government Code Section 91500 et seq., the California Industrial Development Financing Act (the "Act"), which shall be authorized to transact business and exercise its powers as provided in the Act.
(Ord. 669 § 1, 1983)
The industrial development authority created pursuant both by this chapter and by the powers granted pursuant to the Act shall be known as the "La Verne industrial development authority." The industrial development authority shall exercise all powers as presently permitted or as may be provided pursuant to state law, including, but not limited to, the provisions of the Act.
(Ord. 669 § 2, 1983)
The city or the industrial development authority, as appropriate, may on or after the date of final adoption of the ordinance codified in this chapter, approve by resolution all other items necessary for the industrial development authority to transact business and conduct its other affairs as provided by the Act, including the appointment of directors or board members.
(Ord. 669 § 3, 1983)