The Code of the City of Colonial Heights shall
be amended and reordained by creating a political subdivision of the
Commonwealth of Virginia with such public and corporate powers as
are set forth in the Industrial Development and Revenue Bond Act (Chapter
49, Title 15.2, of the Code of Virginia), including such powers as
may hereinafter be set forth from time to time in such Act.
The name of the political subdivision created
hereby shall be the "Economic Development Authority of the City of
Colonial Heights, Virginia" (the "Authority").
The Authority shall be governed by a board of
seven directors to be appointed hereafter by resolution of the City
Council in accordance with the provisions of such Act.