There is in the City a public body corporate and politic known as the Bayshore North Project Enhancement Authority of the City. The Authority shall be a public entity separate and apart from the City and any other entity or agency which is controlled by or is otherwise related to the City.
(Ord. 1887 § 1, 5-24-2011)
In any suit, action, or proceeding by or against or in any manner relating to the Authority, the Authority shall be conclusively deemed to have become established and authorized to transact business and exercise its powers upon proof of the adoption of the resolution by the City Council declaring the need for the Authority to function.
(Ord. 1887 § 1, 5-24-2011)
The members of the City Council shall constitute the members of the governing body of the Authority. Upon adoption of a resolution pursuant to SCCC § 17.25.140, the members of the City Council shall have all the rights, powers, duties, privileges, and immunities vested by this chapter in the governing board of the Authority. The Mayor shall serve as the chairperson of the Authority and the Vice Mayor shall serve as the vice chairperson. The City Manager, City Attorney, Director of Finance and City Clerk shall serve as the executive director, Authority counsel, treasurer and secretary of the Authority, respectively.
(Ord. 1887 § 1, 5-24-2011)
The governing board of the Authority shall hold a regular meeting at least once a year at such time, date and place as specified by resolution of the governing board. All meetings of the governing board shall be subject to the provisions of the Ralph M. Brown Act of the State of California. The vote necessary to take action shall be the same as that required for the City Council to take similar action.
(Ord. 1887 § 1, 5-24-2011)
Members of the governing board of the Authority shall not receive any compensation for attending meetings of the governing board.
(Ord. 1887 § 1, 5-24-2011)
Notwithstanding the provisions of SCCC § 17.25.370, the Authority may contract with the City for the provision of administrative services, provided the Authority reimburses the City for the full cost of such services.
(Ord. 1887 § 1, 5-24-2011)
Annually, the Authority shall prepare a detailed report of all its transactions, including a statement of all revenues and expenditures.
(Ord. 1887 § 1, 5-24-2011)
At least once annually, the Authority shall prepare a statement of all its financial affairs, audited by independent certified public accountants. The statement shall be made available in the office of the Authority's treasurer for public inspection.
(Ord. 1887 § 1, 5-24-2011)
If, within four years after the adoption of a resolution declaring the need for an Authority to function in the City, the Authority has not issued bonds, or entered into any contract, the City Council by resolution may declare that there is no need for the Authority to function in the City. Upon the adoption of such resolution, the offices of the members of the Authority become vacant and the capacity of the Authority to transact business or exercise any power is suspended until the City Council again adopts a resolution declaring the need for the Authority to function.
(Ord. 1887 § 1, 5-24-2011)
Upon the termination of any such suspension by the adoption of such resolution declaring the need for the Authority to function, proceedings for the organization and activation of the Authority shall be had and taken as if such resolution were the original resolution declaring need for a Bayshore North Project Enhancement Authority to function provided for by SCCC § 17.25.140.
(Ord. 1887 § 1, 5-24-2011)
The City Council, by adoption of a resolution declaring there is no need for an Authority to function, may order the dissolution of the Authority if the Authority has no outstanding bonded indebtedness, and if the unanimous written consent of the members of the governing body of the Authority is first obtained. Thereafter, the City Council may wind up the affairs of the Authority including taking title to all property of the Authority for the benefit of the City.
(Ord. 1887 § 1, 5-24-2011)