Sec. 2-9-1. Authority.

It is hereby found and declared, pursuant to Section 91520 of the California Industrial Development Financing Act, that there is a need for the industrial development authority of the city created by said Section 91520 and that such authority shall function in that city, and said authority is hereby authorized to transact business and to exercise all powers permitted by law. (Ord. No. 1013, § 1.)