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There is a need in the City of Santa Ana for the acquisition, construction or <br />rehabilitation of facilities for the use of industry which will increase employment <br />opportunities or otherwise contribute to economic development, and further, the new <br />and alternative method of capital finance that industrial development authorities can <br />provide will aid in satisfying that need. <br />Sec. 2-632. - Declarations. <br />(a) Need. There is a need in the City of Santa Ana for an industrial development <br />authority to provide industry with an alternative and additional method of finance in <br />accordance with state policy as set forth in the California Industrial Development <br />Financing Act. <br />(b) Organization. The industrial development authority of this city established by the <br />California Industrial Development Financing Act is hereby declared organized and <br />shall function under the name "Industrial Development Authority of the City of Santa <br />Ana," and be authorized to transact business and exercise of all of the powers and <br />other authority conferred upon industrial development authorities by such act. <br />Sec. 2-633. - Board of directors. <br />The city council of the City of Santa Ana is declared to be, ex officio, the board of <br />directors of the industrial development authority of the City of Santa Ana. <br />Sec. 2-634. - Meetings. <br />The time, place and manner of the regular meetings of the board of directors of the <br />industrial development authority of the City of Santa Ana shall be established by bylaws <br />adopted by such board. I Inti1 inh time as bylaws , se adente,t the . ulaF meetin,a <br />of snnh hnerd shall he hPId at the hour of 2;0Q n nn the first MORGlay in them nths of <br />Sawa An;; <br />Secs. 2-635-2-640. - Reserved. <br />DIVISION 144-9. - HOUSING AUTHORITY <br />Sec. 2-641. - Council designated housing authority. <br />The city council hereby declares itself to be the housing authority pursuant to <br />Section 34290 of the California Health and Safety Code, and all rights, powers, duties, <br />privileges and immunities vested by the Housing Authorities Law in such authority shall <br />be and are vested in said body. <br />Ordinance No. NS-XXXX <br />Page 33 of44 60B-38 <br />