HomeMy WebLinkAboutOrdinance No. 730ORDINANCE NO. 730
AN ORDINANCE DECLARING THAT AN INDUSTRIAL
DEVELOPMENT AUTHORITY IS NEEDED AND SHALL
FUNCTION IN THE CITY OF CYPRESS
WHEREAS, concurrently with this ordinance the City of
Cypress (the "City ") adopted an ordinance, known as The City of
Cypress Economic Development Bond Law, authorizing and
establishing a procedure for the sale and issuance of revenue
bonds for the purpose of providing an alternative method of
financing to participating parties for economic development
purposes; and
WHEREAS, the California Industrial Development Financing
Act, California Government Code Sections 91500 et seq. (the
"Act "), has created in the City a public, corporate
instrumentality of the State of California known as the
Industrial Development Authority of The City of Cypress (the
"Authority "), for the purpose of exercising powers granted by
the Act; and
WHEREAS, Section 91520 of the Act provides that the
Authority shall not transact any business or exercise any
powers under the Act unless, by ordinance, this City Council
declares that the Authority is needed and shall function; and
WHEREAS, the City Council of the City has heard public
testimony and reviewed written reports which, together with the
personal knowledge of the members of the Council, evidence the
need for the City to provide financial assistance to promote
economic development within the City; and
WHEREAS, the City Council of the City, acting under and
pursuant to the Act and the powers reserved to the City under
Sections 3, 5 and 7 of Article XI of the Constitution of the
State of California and the City Charter, finds that the public
interest and necessity require the adoption of this ordinance
to activate the Authority;
NOW, THEREFORE, BE IT ORDAINED, by the Council of the City
of Cypress, as follows:
SECTION 1. There is hereby enacted in the City of
Cypress Chapter 28, Division 2 of the Cypress Municipal Code,
as follows:
Section 28 -61. Industrial Development Authority. It is
hereby found and declared that there is a need for the
Industrial Development Authority of the City of Cypress created
by the California Industrial Development Financing Act and that
such Authority shall function in the City of Cypress and is
hereby authorized to transact business and exercise all powers
permitted by law.
Sections 28 -62 through 28 -90, inclusive, reserved.
SECTION 2. Severability. If any section, subsection,
subdivision, sentence, clause, phrase or portion of this ordi-
nance, or the application thereof to any person or place,
is for any reason held to be invalid or unconstitutional by
the decision of any court of competent jurisdiction, such
decision shall not affect the validity of the remaining portions
of this ordinance or its application to other persons or places.
The City Council hereby declares that it would have adopted
this ordinance, and each section, subsection, subdivision,
sentence, clause, phrase or portion thereof, irrespective
of the fact that any one or more sections, subsections, subdivi-
sions, sentences, clauses, phrases, or portions, or the application
thereof to any person or place, be declared invalid or unconsti-
tional.
SECTION 3. The City Clerk is hereby authorized and directed
to certify as to the passage of this ordinance and to give
notice thereof by causing copies of this ordinance to be posted
in three places throughout the City.
FIRST READ at a regular meeting of the City Council of
said City held on the 29th day of May 1984, and finally adopted
and ordered posted at a regular meeting of said Council held
on the llth day of June 1984.
MAYOR OF THE CITY OF CYPRESS
ATTEST:
CITY CL ERK TY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress,
DO HEREBY CERTIFY that the foregoing Ordinance was duly adopted
at a regular meeting of the said City Council held on the
llth day of June 1984; by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Kanel, Lacayo, Mullen and Partin
NOES: 1 COUNCIL MEMBERS: Coronado
ABSENT: 0 COUNCIL MEMBERS: None
CITY CLERK H ITY OF CYPRESS
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