HomeMy WebLinkAbout1995-02-07; City Council; 13013; Establishing Industrial Development AuthorityCITY OF CARLSBAD - AGENM BILL co
AB # /3,0/7 TITLE: ADOPTION OF ORDINANCE NO. NB-301 - DEPT. HD. $,
MTG. 217195 ESTABLISHING THE CARLSBAD CITY ATTY
DEPT. cLK INDUSTRIAL DEVELOPMENT AUTHORITY CITY MGR.
RECOMMENDED ACTION:
Adopt Ordinance No. NS-301, declaring the need for formation of the Industrial Development Authority of the City of Carlsbad.
ITEM EXPLANATION
Ordinance No. NS-301 was introduced at the regular City Council
meeting of January 24, 1995. The second reading allows Council to adopt the ordinance which would then become effective in
thirty days. The City Clerk will have the ordinance published
within fifteen days, if adopted.
FISCAL IMPACT
See Agenda Bill No. 13,002 on file with the City Clerk.
EXEIBIT
1. Ordinance NO. NS-301.
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ORDINANCE NO. NS-301
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.
WHEREAS, the City Council has established an economic development
program in order to encourage and facilitate continued economic growth within
the community; and
WHEREAS, providing tax-exempt financing through the issuance of
industrial development bonds provides an economic incentive for inducing new
private development within the City; and
WHEREAS, pursuant to the California Industrial Development Financing
Act (California Government Code Section 91500 et. seq.) (the “Act”), there is in
each city a public, corporate instrumentality for the State of California, known
as the industrial development authority of such city, which authority is
authorized to issue revenue bonds for the public purposes of the Act, including
financing industrial and other activities within the city with demonstrated job
creation potential and other public benefit; and
WHEREAS, the City Council of the City of Carlsbad, California (the “City”)
wishes to authorize the authority to transact business and exercise its powers;
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
ordinance declares that there is a need for the authority and that the authority
shall function.
NOW THEREFORE, the City Council of the City of Carlsbad does ordain
as follows:
SECTION 1: That there is a need for the industrial development
Authority of the City of Cat&bad and that the authority shall function.
SECTION 2: The authority shall be named the ” Industrial Development
Authority of the City of Carisbad”.
EFFECTIVE DATE: The provisions ‘of this Ordinance shall be effective
thirty (30) days after the date of its adoption, and the City Clerk shall certify to
the adoption of this ordinance and cause it to be published at least once in a
newspaper of general circulation in the City within fifteen (15) days after its
adoption.
INTRODUCED AND FIRST READ at a regular meeting of the Carisbad
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
City of Carlsbad on the day of 7th FEBRUARY c 1995, by the
following vote to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila, Hall
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM AND LEGALITY
ATTEST:
ALETHA L. RAUTENKRANZ, City Cl&
(SEAL)