1-10 INDUSTRIAL DEVELOPMENT CORPORATION

CHAPTER 10
INDUSTRIAL DEVELOPMENT CORPORATION

SECTION:

1-10-1: Public Corporation Established

1-10-2: Powers Of The Corporation

1-10-3: Corporation Charter

1-10-4: Board Of Directors

1-10-5: Corporation Finances

1-10-1 PUBLIC CORPORATION ESTABLISHED:

The city does hereby create a public corporation to carry out the purposes of title 50, chapter 27, Idaho Code, hereinafter referred to as the act, for the purpose of facilitating economic development and employment opportunities in the state of Idaho through financing by such public corporations of the project costs of industrial development facilities. This chapter shall not be construed to limit or restrict the purposes of the act, but shall be liberally construed to effect such purposes. The name of the public corporation shall be the Industrial Development Corporation, hereinafter the corporation. (Ord. 481, 5-8-1984)

1-10-2 POWERS OF THE CORPORATION:

The corporation shall have all the powers and be subject to all the limitations and provisions contained in the said act. Such powers shall include, without limitation, all powers set forth in the charter herein provided for. (Ord. 481, 5-8-1984)

1-10-3 CORPORATION CHARTER:

A charter is hereby issued by the city to the corporation, said charter adopted by reference herein. The charter grants to the corporation all powers authorized by the act. (Ord. 481, 5-8-1984)

1-10-4 BOARD OF DIRECTORS:

A. The board of directors of the corporation, hereafter referred to as the board, shall be comprised of five (5) residents of the city appointed by the mayor with the advice and consent of the city council. Of the members first appointed, one member shall serve for a term of one year, two (2) for a term of two (2) years, and two (2) for a term of three (3) years. Thereafter, upon expiration of a term of appointment, each member shall be appointed to a three (3) year term. If a vacancy occurs during an unexpired term, the mayor, with the consent of the city council, shall appoint a member who shall also be a resident of the city to serve the remainder of the unexpired term. A majority of the members of the board shall constitute a quorum, and the approval of a majority of a quorum shall be necessary for the board to take any action.

B. The affairs of the corporation shall be conducted and carried out by the board. The board shall elect officers from among its own members. Such officers shall be elected at the initial meeting of the board in each calendar year, shall serve until their successors have been duly elected, and shall include a president and a secretary and may include a vice president and an assistant secretary. The board may elect such other officers as it shall from time to time determine to be necessary or desirable. The board shall adopt bylaws and/or rules and regulations governing the election of officers, the power and duties of such officers, the filling of vacancies in offices, the scheduling, giving notice of and conduct of meetings, and the conduct of the corporation. Such bylaws, rules and regulations may be amended from time to time by the board, provided that any such amendments shall be consistent with the provisions hereof.

C. Members of the board shall serve without compensation but with reimbursement of expenses as may be provided in the bylaws, rules and regulations of the board.

D. No director, officer, agent, employee or official of the corporation shall have a direct or indirect financial interest in any property to be included in or any contract for property, service or materials to be furnished or used in connection with any industrial development facility financed through the corporation. (Ord. 481, 5-8-1984)

1-10-5 CORPORATION FINANCES:

A. The city may not give or lend any money or property in aid of the corporation except as expressly authorized by the act. This provision shall not preclude the city from dealing with the corporation on an arms length basis.