ORDINANCE NO. 597

AN ORDINANCE OF THE COUNTY OF RIVERSIDE

DECLARING A NEED FOR AN INDUSTRIAL DEVELOPMENT

AUTHORITY AND THAT SUCH AUTHORITY SHALL FUNCTION

The Board of Supervisors of the County of Riverside, State of California, do ordain as follows:

SECTION 1. PURPOSES. The California Industrial Development Financing Act, Title 10 (commencing with Section 91500), Government Code (the "Act"), has established an industrial development authority of the County of Riverside for the achievement of specified public purposes. The public purposes are to increase opportunities for useful employment or otherwise contribute 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.

SECTION 2. FINDINGS. There is a need in the County of Riverside for the acquisition, construction and rehabilitation of facilities for the use of industry which will increase employment opportunities or otherwise contribute to economic development, and further, the new and alternative method of capital finance that industrial development authorities can provide will aid in satisfying that need.

SECTION 3. DECLARATIONS.

(a) Need. There is a need in the County of Riverside for an industrial development authority to provide industry with an alternative and additional method of finance in accordance with state policy as set forth in the Act.

(b) Organization. The industrial development authority of the County of Riverside established by the Act is hereby declared organized and shall function. Such authority shall be known as the Industrial Development Authority of the County of Riverside and is hereby authorized to transact business and exercise all of the powers and other authority conferred upon industrial development authorities by the Act.

ADOPTED: 2‑8‑83 (Eff.: 3‑10‑83)