HomeMy WebLinkAbout1995-02-07; City Council; NS-301; Industrial Development Authority formation need...s
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ORDINANCE NO. N S-30 1
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA DECLARING THE NEED FOR FORMATION OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
CARLSBAD.
5 WHEREAS, the City Council has established an economic development
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program in order to encourage and facilitate continued economic growth within
the community; and 8
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10 WHEREAS, providing tax-exempt financing through the issuance of
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private development within the City; and I.2
industrial development bonds provides an economic incentive for inducing new
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14 WHEREAS, pursuant to the California Industrial Development Financing
Act (California Government Code Section 91500 et. seq.) (the "Act"), there is in
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authorized to issue revenue bonds for the public purposes of the Act, including I'
as the industrial development authority of such city, which authority is 18
each city a public, corporate instrumentality for the State of California, known
financing industrial and other activities within the city with demonstrated job
ll creation potential and other public benefit; and 22
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wishes to authorize the authority to transact business and exercise its powers; 25
WHEREAS, the City Council of the City of Carlsbad, California (the "City"
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and
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WHEREAS, Section 91520 of the Act prescribes that the authority shall
not transact any business or exercise any powers unless the City Council by
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ordinance declares that there is a need for the authority and that the authority
shall function.
5 NOW THEREFORE, the City Council of the City of Carlsbad does ordain
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as follows:
SECTION 1: That there is a need for the industrial development
Authority of the City of Carlsbad and that the authority shall function.
11 SECTION 2: The authority shall be named the 'I Industrial Development
l2 Authority of the City of Carlsbad".
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15 EFFECTIVE DATE: The provisions of this Ordinance shall be effective
l6 /I thirty (30) days after the date of its adoption, and the City Clerk shall certify to
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newspaper of general circulation in the City within fifteen (15) days after its 18
the adoption of this ordinance and cause it to be published at least once in a
adoption.
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22 INTRODUCED AND FIRST READ at a regular meeting of the Carlsbad
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City Council on the 24th day of JANUARY, 1995, and thereafter.
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PASSED AND ADOPTED at a regular meeting of the City Council of the 1
2 City of Carlsbad on the 7th day of FEBRUARY L 1995, by the
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AYES: Council Members Lewis , Nygaard, Kulchin, Finnila, Hall 4
following vote to wit:
5 NOES: None
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ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM AND LEGALITY
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L%i& Attorney
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I’ I! ATTEST:
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(SEAL)
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