[Adopted 11-21-1977 by Ord. No. 77-51; amended in its entirety 5-11-2010 by Ord. No. 10-16]
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.