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housing commission, and at such times the number of members of that commission shall be increased to nine (9). The tenant commissioners shall serve for terms of two (2) years, from the date of their appointments, and their successors shall be tenants. Successors of tenant commissioners shall be appointed for a term of two (2) years. If a tenant commissioner ceases to be a tenant, he or she shall be disqualified as a commissioner and another tenant shall be appointed to fill the unexpired term. Sec. 2-627. - Prohibited interest of commissioner. (a) No member of the community redevelopment aad he61s+R9 commission shall acquire any direct or indirect interest in any housing project or any property included or planned to be included in any project, nor shall (s)he have any direct or indirect interest in any contract or proposed contract for materials or services to be furnished or used in connection with any housing project. If (s)he owns or controls a direct or indirect interest in any such property, (s)he shall immediately make a written disclosure of it to the housing authority and such disclosure shall be entered upon its minutes. Failure so to disclose his/her interest constitutes misconduct in office. (b) Nothing contained in this section or any provision of the Housing Authorities Law shall be construed as precluding a tenant of the housing authority from serving on the community redevelopment aad h961G+R9 commission, provided that the fact of such tenancy is disclosed to the housing authority in writing and entered upon its minutes immediately upon assuming office; nor shall any provisions of this section be construed as in any manner prohibiting the right of such tenant commissioner to exercise his full powers vested in his/her office. Secs. 2-628, 2-629. - Reserved. DIVISION 139. - INDUSTRIAL DEVELOPMENT AUTHORITY Sec. 2-630. - Purposes. The California Industrial Development Financing Act, as set forth in Title 10 (commencing with Section 91500) of the Government Code of the State of California, has established an industrial development authority of this city for the achievement of specified public purposes. The public purposes are the increasing of opportunities for useful employment or otherwise contributing to economic development. The need for the establishment of an industrial development authority in the achievement of such purposes is based upon findings that industry requires the new and alternative method of capital finance that such authorities can provide in order for it to undertake the acquisition, construction or rehabilitation of facilities the use of which will serve those public purposes. Sec. 2-631. - Findings. Ordinance No. NS-XXXX 11 A-32 Page 32 of 44