CHAPTER 8
INDUSTRIAL DEVELOPMENT AUTHORITY

(Added by O-3401)

ARTICLE 1 - ACTIVATION

28.1.1 STATUTORY METHOD OF ORIGINATION.

The California Industrial Development Financing Act (California Government Code Sections 91500-91574) (the "Act") provides that there is in each public agency a public, corporate instrumentality of the State of California, known as the industrial development authority of the public agency, and that each public agency is authorized to utilize such authority in the issuance of revenue bonds in the accomplishment of the public purposes as provided in the Act.

28.1.2 ACTIVATION OF AUTHORITY.

The City Council of the City of Torrance hereby declares that there is a need for the Industrial Development Authority of the City of Torrance and that the Industrial Development Authority of the City of Torrance shall function.