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HomeMy WebLinkAbout171 - Ordinances ORDINANCE NO. 171 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, DECLARING THE NEED IN THE CITY OF RANCHO CUCAMONGA FOR AN INDUSTRIAL DEVELOPMENT AUTHORITY AND ESTABLISHING SUCH AN AUTHORITY WHEREAS, industry in the City of Rancho Cucamonga (the "City") needs and requires new methods to finance the capital outlays required to acquire, construct or rehabilitate facilities which will increase employment opportunities or otherwise contribute to economic development in the City; and WHEREAS, the California Industrial Development Financing Act, being Title 10 of the Government Code of the State of California, commencing with Section 91500 (the "Act"), provides an alternate method of financing to promote and enhance economic development and to increase opportunities for useful employment by establishing an industrial development authority of the City (the "Authority"); and WHEREAS, the Act provides that the Authority is to facilitate, for and on behalf of private enterprise, the acquisition of property for purposes as set forth in the Act through the issuance of revenue bonds, all under and in accordance with provisions of the Act; and WHEREAS, Section 91503 of the Act provides that the activities or uses for which property acquired pursuant to provisions of the Act shall be suitable are industrial uses including, without limitation, assembling, fabricating, manufacturing, or processing activities, with respect to any products of agriculture, forestry, mining or manufacture; and WHEREAS, Section 91520(a) of the Act provides that the sole purpose of the Authority is to undertake projects through the issuance of bonds and accomplishment of the purposes provided in the Act and to carry out and complete such projects and perform and exercise derivative obligations and powers; and krHEREAS, the Authority is not to transact any business or exercise any powers under the Act unless, by ordinance, the City declares that there is a need for the Authority and that the Authority shall function and that such ordinance shall be subject to referendum in the manner prescribed by law for ordinances of the City; and WHEREAS, the City desires to establish the Authority for the purposes set forth in the Act. THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA DOES ORDAIN AS FOLLOWS: SECTION 1. Findings: The City Council hereby finds and declares that there exists in the City a need to assist industry in the financing of capital outlays required to acquire, construct or ~ehabilitate facilities in order to increase employment opportunities and to contribute to economic development in the City. SECTION 2. Need for an Authority: The City Council further finds and declares that there is a need for an industrial development authority of the City in order to assist in providing industry in the City with an alternative method of financing in acquiring, constructing or rehabilitating facilities in accordance with provisions of the Act. Ordinance No. 171 Page 2 SECTION 3. Establishment of Authority: The industrial development authority of the City established by the Act is hereby declared organized under the name of "Industrial Development Authority of the City of Rancho Cucamonga" and shall function under and in accordance with provisions of the Act. SECTION 4. Construction: The provisions of this Ordinance, being necessary for the welfare of the City and its inhabitants, shall be liberally construed to effect its purposes. SECTION 5. Environmental Determination: The City Council finds that adoption of this Ordinance and the creation of the "Industrial Development Authority of the City of Rancho Cucamonga" will not cause any significant adverse impacts upon the environment and therefore recommends issuance of a Negative Declaration. SECTION 6. Notice and Effective Date: The Mayor shall sign this Ordinance and the City Clerk shall cause the same to be published within fifteen (15) days after its passage at least once in The Daily Report, a newspaper of general circulation published in the City of Ontario, California, and circulated in the City of Rancho Cucamonga, California. PASSED, APPROVED, and ADOPTED this 17th day of February, 1982. AYES: Frost, Mikels, Palombo, Bridge, Schlosser NOES: None ABSENT: None '-~Phi~l~D. Schi;ss~r, Mayor ATTEST: