HomeMy Public PortalAboutOrd. 1167ORDINANCE N0. 1167
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD DECLARING THAT AN INDUSTRIAL DEVELOPMENT
AUTHORITY IS NEEDED AND SHALL FUNCTION IN THE
CITY OF LYNWOOD.
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 Lynwood (the "Authority"), for the purpose of exer-
cising powers granted by the Act; and
WHEREAS, Section 91520 of the Act pro
shall not transact any business or exercise any
unless, by ordinance, the City Council declares
is needed and shall function; and
WHEREAS, the City Council of the City
City to provide financial assistance to promote
ment within the City; and
vides that the Authority
powers under the Act
that the Authority
finds need for the
economic develop-
WHEREAS, the City Council of the City, acting under and
pursuant to the Act and the powers reserved to the City under Sec-
tions 3 and 7 of Article XI of the Constitution of the State of
California and the City Charter, f:9,nds 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 Lynwood, as follows:
SECTION 1: Industrial Development
hereby found and declared that there is a ne
Development Authority of the City of Lynwood
nia Industrial Development Financing Act and
shall function in the City of Lynwood and is
to transact business and exercise all powers
Authority. It is
ed for the Industrial
created by the Califor-
that such Authority
hereby authorized
permitted by law.
SECTION 2: The City Clerk of the City of Lynwood is here-
by directed to cause this ordinance to be published by one inser-
tion in the Lynwood Press and Tribune, a newspaper of general circu-
lation printed, published and circulated in the City of Lynwood and
hereby designated for that purpose of said Council of Lynwood.
This Ordinance was introduced and read on the 4th
day of May , 1982. Passed and adopted on the 1$th
day of May , 1982.
AYES: Councilmen Byork, Green, Morris
Rowe, Thompson ~~ ,~~~I
LOUIS THOMPSON, Mayor
NOES: None City of Lynwood
ABSENT: None
ATTEST:
_ ~~~ ~ ~~~
City Clerk, City of Lynwood
APPR D AS FORM:
D ue Mc wen, City Attorney
APPROVED AS TO CONTEN~~'c-~-C'~/
~~_~
Sa dra M. Read, Community
Development Director
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of
Lynwood, and ex-officio clerk of the Council of said City,
do hereby certify that the abobe is a true and correct
copy of Ordinance No. ~~67 adopted by the City Council
of the City of Lynwood, and that the same was passed on
the date and by the vote therein stated.
Dated this 20th day of May ,1982.
(SEAL)
City Clerk, City of Ly;wood'
I)C. INPORTANT NOTICE TO APPLICANT
Approval for financial assistance by the Lynwood Industrial
Development Authority is determined by the information pre-
sented in this application. Any changes in the status of the
proposed protect from the facts presented herein and the exhibits
attached could disqualify the protect and cause it to be ineli-
gible for financial assistance. In general, commencement of
construction or any award of contract with respect thereof, in-
cluding equipment therefor, or the execution of any contract
for the final acquisition of the proposed protect, prior to formal
approval by the Authority where such construction or acquisition
is to be financed by a tax-exempt issue, is likely to result in
the application being ineligible for approval.
X. CERTIFICATION
It is hereby represented and certified by the undersigned that
to the best knowledge and belief of the undersigned, the informa-
tion contained herein and attached hereto is accurate and correct
and truly descriptive of the protect, the Applicant and any
guarantor or other proposed protect occupant.
APPLICANT:
By:
Title:
DATED:
-14-