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DIVISION 13. - INDUSTRIAL DEVELOPMENT AUTHORITY <br />Sec. 2-630. - Purposes. <br />The California Industrial Development Financing Act, as set forth in Title 10 <br />(commencing with Section 91500) of the Government Code of the State of California, <br />has established an industrial development authority of this city for the achievement of <br />specified public purposes. The public purposes are the increasing of opportunities for <br />useful employment or otherwise contributing to economic development. The need for <br />the establishment of an industrial development authority in the achievement of such <br />purposes is based upon findings that industry requires the new and alternative method <br />of capital finance that such authorities can provide in order for it to undertake the <br />acquisition, construction or rehabilitation of facilities the use of which will serve those <br />public purposes. <br />Sec. 2-631. - Findings. <br />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. <br />Secs. 2-635-2-640. - Reserved. <br />Ordinance No. NS-2992 <br />Page 21 of 32 <br />