The California Industrial Development Financing Act, commencing with Section 91500 of the Government Code (the "Act"), has established an industrial development authority of this city for the achievement of specified public purposes. These public purposes are to increase opportunities for useful employment or otherwise contribute to economic development. The need for the establishment of an industrial development authority and the achievement of such purposes is based upon the findings that industry requires a new and alternative method of capital finance that such authority can provide in order for it to undertake the acquisition, construction or rehabilitation of facilities, the use of which will serve those public purposes.
(Ord. 333 § 1, 1981)
There is need in the city for the acquisition, construction or rehabilitation of facilities for the use of industry which will increase employment opportunities or otherwise contribute to economic development, and further, the new and alternative method of capital finance that industrial development authorities can provide will aid in satisfying that need.
(Ord. 333 § 2, 1981)
A. 
Need. There is a need in the city for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state policy as set forth in the Act.
B. 
Organization. The industrial development authority of this city, established by the Act is declared organized and shall function under the name "Industrial Development Authority of the City of Patterson" and be authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by such Act.
(Ord. 333 § 3, 1981)