[1]
Editor's note—Section 1 of Ordinance 4938 adopted the findings and preamble as part of the ordinance, but they have not been set out herein. Neither are the bylaws, as adopted by reference in § 2-76, or the articles of incorporation, adopted in § 2-72, set out. The text of the ordinance, articles and bylaws is available for viewing in the office of the city secretary.
The city council hereby finds and determines that it is advisable and in the public interest and benefit that a corporation, to be named the "Metropolitan Industrial Development Corporation" (the "issuer"), be authorized and created with the powers granted in the Development Corporation Act. 1979 (the "act") to act on behalf of the city (the "unit") as its duly constituted authority and instrumentality for the public purposes defined in the act.
(Ordinance 4938, § 2, adopted 5/8/1986)
The city council hereby approves the articles of incorporation (the "articles") for the issuer in substantially the form attached hereto as Exhibit "A" [but not included herein] and authorizes the incorporators thereof to file the articles with the secretary of state in accordance with the act; provided that, in the event the name chosen for the issuer is not available, the incorporators are authorized to change the name without the further approval of the city council.
(Ordinance 4938, § 3, adopted 5/8/1986)
The city council hereby appoints those persons named in the articles, each of whom on the date of his appointment is duly qualified in accordance with the act, to serve as the initial members of the board of directors of the issuer, such service to be at all times subject to the powers of the unit under the act and the articles.
(Ordinance 4938, § 4, adopted 5/8/1986)
Any and all bonds, notes or other similar obligations issued by the issuer shall contain a provision, condition or recital substantially to the effect that they shall never be deemed to be or create an indebtedness or liability or a special, general or moral obligation payable out of any funds of the unit and that they shall be payable solely out of funds and properties of the issuer pledged thereto.
(Ordinance 4938, § 5, adopted 5/8/1986)
It is intended that the issuer be a duly constituted authority and instrumentality of the unit within the meaning of regulations and revenue rulings of the Treasury Department of the Internal Revenue Service of the United States promulgated under Sections 103 and 115 of the Internal Revenue Code of 1954, as amended.
(Ordinance 4938, § 6, adopted 5/8/1986)
The city council hereby approves the bylaws for the issuer in substantially the form attached hereto as Exhibit "B" [but not included herein].
(Ordinance 4938, § 7, adopted 5/8/1986)