421 Control & Supervision of Public Corporation
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ORDINANCE #421
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ESTABLISHMENT, ORGANIZATION
AND OPERATION OF A PUBLIC COrtPORATION TO IMPLEMENT TITLE 50, CHAPTER 27, IDAHO
CODE, AS AMENDED, APPROVThlS; A CHARIER FOR SUCH CORPORATION, SPOCIFYING THE PCMERS,
AUTHORITY AND LIMITA'l'IONS OF THE PUBLIO CORPORATION AND PROVIDING FOR CONTROL
AND SUPERVISION OF THE PUBLIC CORPORATION BY THE CITY.
WHEREAS, the legislature of the state of Idaho has p:-o\lLded for the creation
of public corporations by cities of the State of Idaho, pursuant to Title 50,
Chapter 27, Idaho Code, as amended (the "Act"), for the purpose of facilitating
econorillc developnent and employment opportunities in the State of Idaho through
financ:ing by such public corporations of the project costs of industrial devel-
opment facilities; and
WHEREAS, the City of Meridian desires to avail itself of the authority
contained in the Act by creating a public corporation for the purpose stated in
the Act;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF
MERIDIAN, IDAHO AS FOLlDWS:
Section 1. The City of Meridian, Ada County, Idaho (the "City") does hereby
create a public corporation to carry out the purp::>ses of the Act. This Ordinance
shall not be construed to limit or restrict the purp:>ses of the Act, but shall
be liberally construed to effect such purpose.
Section 2. The name of the public corporation shall be The Econanic
Developnent Corporation of the City of Meridian (the "Corporation").
Section3. The Corporation shall have all the pYWers and be subject to
all the limitations and provisions conta:ined in the Act.
Section 4. A charter (the "Charter") is hereby issued by the City to the
Corporation. The Charter grants to the Corporation all powers authorized by the
Act. A copy of the Charter is attached to this Ordinance as Exhibit A and hereby
incorporated herein by reference. The Charter is hereby approved pursuant to
Section 50-2703 (1) of the Act. The Charter may be amended from time to time
by the City Council. The existence of the corporation commences at the time the
enactment of this Ordinance becanes effective.
Section 5. The board of directors of the Corporation (the "Board") shall
be comprised of the Mayor and the President of the Council of the City Council
of the City of Meridian, who shall hold office as Board members by virtue of
their election and qualification as Mayor and President -of the City Council, and
three additional Board members who shall be duly appointed, as authorized in the
Charter, by the full City council, subject to the provisions of Section 50-2704
of the Act. In the event that a majority of the City Council shall at any time
determine that any member of the Board shall for any reason be unwilling or un-
able to serve as a director of the Board, the City Council shall by resolution
or ordinance designate another individual to serve as a director of the Board
in place of such member for a term coterminous with the duration of such member's
tenn in office (provided that a majority of the full Board shall be residents of
the City). A majority of the members of the Board :in office shall constitute a
quonnu, and the approval of a majority of a quonnu shall be necessary for the
Board to take any action.
Section 6. There shall be no stockholders, nor shall there be any shares
of stock authorized or issued, in that the corporation is not a private corpor-
ation but one solely authorized by Title 50, Chapter 27, Idaho Cooe; the tenn
"stock" is in no way to be confused with the tenn "bond", as the corporation is
specifically authorized to issue bonds.
Section.7. The affairs of the corporation shall be conducted and carried
out by the Board. The Board shall elect alElEiilD3rs.-,:; from aJIDng its own members.
Such officers shall be elected at the initial meeting of the Board in each
calender year, shq,ll serve until their successors have duly elected, and shall
include a presic{e:Il'f and a secretary and may include a vice president ana $:~ ~,
assistant secretary (provided that, in the event the Board shall be comprised
of only three members, the offices of vice president and assistant secretary
008
ORDINANCE # 421 (cont'd)
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Such by-laws, rules and regulations may be amended fran time to time by the
Board, pt-ovided that any such amendments shall be consistent with the provisions
hereof and the Act .-'
Members of the Board shall serve w~lut;'canpensation but with reimbursement
of expenses as may be provided in the by-l~s, rules and regulations of the
Board. \
Section 8. 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.
Section 9. The Corporation shall have all the powers granted by the Act.
Such powers shall include, without limitation, all powers set forth in the
~r. I
Section 10.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 fran dealing with the Corporation on an anus _
length basis.
Section 11.Any net earnings of the Corporation beyond those necessary
for retirement of indebtedness incurred by it shall inure to the City and not
for the benefit of any other person. Alteration of the Charter of or diss-
olution of or audits of the Corporation shall be as provided by the Act and
subsequent ordinances of the City. Upon dissolution of the Corporation,
title to all property owned by the Corporation shall vest in the City.
Section 12.All ordinances and resolutions, or parts thereof, in conflict
herewith are to the extent of such conflict hereby repealed.
Section 13. This ordinance shall be published within one (1) month after
its passage in one issue of The Valley News, the official newspaper of the
City, and shall take effect and be in full force immediately upon its
passage, approval and publication.
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EXHIBIT "A" OF ORDINANCE
CHAR'IER OF THE ECONOMIC DEVEIDPMENT
-' CORPORATION OF THE CITY OF HERIDIAN
ARTICLE I: NAME, SEAL, AND DEFINITIONS:
The name of this public corporation shall be The Econanic Developnent Corporation
of the City of Meridian. The corporate seal of this corporation shall be a
circle with the name "The Econanic Developuent Corporation of the City of
Meridian" inscribed therein. As used in this Charter, unless otheIWise
required by context. "Act" means Title 50, Chapter 27, Idaho Code, as
amended (the "ACT"); "Board" means the Board of Directors of the Corporation;
"Corporation" means The Econanic Developuent Corporation of the City of
Meridian; "Governing Body" means the City Council for the Municipality;
"Industrial developuent facilities" means the same as such tem means for
the purpose of the Act; "Municipality" means the City of Meridian; and
"Ordinance" means Ordinance No. 421 of the Municipality passed on the 3rd
day of March, 1983, pursuant to which the Corporation is created.
ARTICLE II: CREATION OF THE CORPORATION AND GRANT OF POWER:
The CorpJration is a public corpJration organized pursuant to the Act and the
Ordinance. The Corporation is hereby granted all p:JWers authorized by the Act.
ARTICLE III: DURATION OF THE CORPORATION
Unless modified by state law or by an ordinance of the Municipality, the
duration of the COrpJration shall be perpetual.
ARTICLE IV: PG'RPOSE OF THE CORPORATION
The purpose of the COrpJration is to function as a public corporation
pursuant to the provisions of the Act and the Ordinance and to issue tax
exempt nonrecourse revenue bonds to finance industrial developemnt facilities
located withm_$~o'oC;:E?rporat boundaries of the Municipality. The financing
of industrial ~fEici!i:t.ies wi thin the corporate boundaries of the Municipal-
i ty is for the purpose of pranoting higher employment, encouraging the
development of new jobs, maintaining and supplementing the capital
investments in industry that currently exist within the State of Idaho
encouraging future employment by ensuring future capital investment,
attracting environmentally sound industry within the corporate boundaries
of the Municipality and to the State of Idaho, protecting and enhancing
the quality of natural resources and the environmeJ;l.t, and pranoting the
production and conservation of energy. This charter shall not be construed
to limit or restrict the purposes of the Act, but shall be liberal 1 y
construed to effect such purposes.
ARTICLE V: POWERS OF THE CORPORATION
1. The Corporation shall have all the powers granted to public corpor-
ations by the Act. Such powers include, without limitations, the following " '
:pJWers: (a) to locate, construct and maintain one or more industrial de\1e'iJ3~t~";'-'-
facilities; (b) to lease to the lessee all or part of any industrial
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ORDIANANCE # 421 (cont'd)
deve10pnent facility for such rentals and upcm such tenus and conditions,
including renewal of the lease or options to purchase, as its Board of Di-
rectors considers advisable and not in conflict with the Act; (c) To
sell by installment contract or otherwise and convey all or any part of
any industrial developnent facility for such purchase price and upon such
tenns and conditions as .i ts Board of Directors considers advisable which
are not in conflict with the Act; (d) t.o make loans for the purpose of
providing ~;pr pennanent financing or refinancing of all or part
of the projec-f-cost of any industrial developnent facility, including
the refunding of any outstanding obligations, mortgages, or advances
issued, made, or given by any person for the project costs; and to charge
and collect interest on the loans for the loan payments upon such tenns
and conditions as its Board of Directors considers advisable which are
not in conflict with 1;Re\ Act; (e) to issue revenue bonds for the purpose of
financing all or parti~' the project cost of any industrial developnent
facility and to secure -the payment of the revenue bonds as provided in the
Act; provided that issuance of revenue bonds for facilities pursuant to the
Act shall not preclude the issuance of additional revenue bonds in connect""'
ion with the same facility, and provided that any subsequent bond issue
shall recognize and protect any prior pledge made for any prior issue of
revenue bonds; (f) as security for the payment of the principal of and
interest on any revenue bonds issued and any agreements made in connect-
ion therewith, to mortgage, pledge, or otherwise encumber any or all of
its industrial developnent facilities or any part or parts thereof, whether
then owned or thereafter acquired, and to assign any mortgage 3~J).d repledge
any security conveyed to the Corporation, to secure any loan ~e by the
Corporation and to pledge the revenues and receipts therefrcmng) to sue
and be sued, canplain, and defend in its corporate narl1e; (h) to make
contracts and to execute all instruments necessary or convenient for the
carrying out of its business; (i) to have a corporate seal and to use the
same by causing it, or a facsimile thereof, to be linpressed or affixed
or in any other manner reproduced; (j) subject to the limitations of
section 50-2706 of the Act, to borrow money, accepts grants from, or
contract with any local, state, or federal goverrunental agency or with ,
any financial, public or private corporation. (k) to make and alter by:=-'
laws not inconsistent with this Charter or the Act for the adminstration
and regulation of the affairs of the Corporation; (1) to collect fees or
charges fran users or prospective users of industrial developnent facilities
to recover actual or anticipated adminstrative costs; (m) to execute financ-
ing documents incidental to the powers enumerated in this subsection;
(n) to have any and all other powers granted to public corporations
rmder thE? Act; and (0). to adopt resolutions authorizing any of the actions
provided"'Jtan . herein.
2. Revenue bonds issued pursuant to the Act shall bear the seal of the
Corporation, which may either be physically impressed thereon or printed
as a facsimile thereof, and the signature of the President of the Board,
or in his absence and in his stead, the vice President, and the signature
of the Secretary of the Board, or in his absence and in his . stead, the
Assistant Secretary.
ARTICLE VI: LIMITATIONS ON THE CORPORATION
1. No part of the net earnings of the corporation beyond those necessary
to retire indebtedness incurred by it shall inure .to the benefit of, or
be distributable to, anyone other than the Municipality. Upon dissolution
of the Corporation, title to all property owned by b'1.e Corporation shall
vest in the Municipality.
2. The Municipality 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 Municipality fran dealing with the Corporation on
an anns length basis.
3. The Corporation may not issue revenue obligations except upon the
approval of the Municipality. If the industrial facility lies outside
the Municipality, as pennitted by 50-2708, Idaho Code, then the approval
of the County Planning and Zoning Carmission must be obtained.
4. No revenue bonds may be issued by the Corporation unless the Board
makes a finding that in its opinion the interest paid on the bonds will be
exempt fram income taxation by the federal government.
5. Revenue bonds issued by the Corporation shall not be considered to
constitute a deb&~ the State of Idaho, of the Municipality, or of any
other municipal corporation, quasi -municipal corporation , subdivision
or agency of the State of Idaho or to pledge any or all of the faith and
credit of any of those entities.
6. Revenue bonds issued by the Corporation shall be payable solely fram
from the revenues derived as a result of the industrial develop:nent facil-
ities funded by the revenue bonds including, without limitation, amounts
received under the tenns of any financing document or by reason of any
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ORDINANCE # 421 (cont'd)
additional security furnished by the user of the industrial develop:nent
facility in connection with the financing thereof, any money and other
property received from private sources.
7. Each revenue bond issued by the Corporation shall contain on its face
statements to the effect that: (a) Nei~ the State of Idaho nor the
Municipality or any other numicipal cotwo~ation, quasi -nnmicipal corp::K-
ation, subdivision or agency of the SMte is obligated to pay the principal
or the interest thereon; (b) No tax frmds or governmental revenue may be
used to pay the principal or interest thereon; and (c) Neither any or all
of the faith and credit nor the taxing ~rof the State of Idaho, the
Municipality or any other ffirmicipal corporation, quasi -ffirmicipal corpor-
ation , subdivision, or agency thereof is pledged to the payment of the
principal of or the interest on the revenue bond.
8. The Corporation may incur only those financial obligations which will
be paid from revenues received pursuant to financing documents, from fees
or charges paid by users or prospective users of the industrial developnent
facilities funded by the revenue bonds, or from the proceeds of revenue bonds.
9. The Corporation has no power of eminent domain nor any power to levy
taxes or special asseSsments.
10. The Corporation has no authority to incur or create any liability that
J?enni ts recourse by any contracting party or member of the public to any
assets, services, resources or credit of the Municipality.
11. The Municipality shall have access to the books and records of the
Corporation at all times.
12. The Corporation may not operate any industrial development facility
as a business other than as lessor, seller or lender. The purchase and
holding of mortgages, deeds of trust and other security interests, and
contracting for any servicing thereof, is not considered the operation of
an industrial developnent facility.
13. The Corporation may not exercise any of the powers authorized in
Article V or issue any revenue bonds with respect to any industrial devel-
op:nent facility rmless the industrial develop:nent facility is located
wholly wi thin the bormdaries of the Municipality, except that energy
facilities and solid waste disposal facilities may be located partially
or wholly outside the bormdaries of the Municipality ur:on approval of the
Municipality and planning and zoning approval of each county or city within
whose planning jurisdication the proposed industrial develop:nent facility
lies.
14. The Corporation shall be subject to all other limitations set forth
in Section 50-2706 of the Act, which limitations are hereby incorporated
herein by reference.
ARI'ICLE VII: ORGANIZATION OF THE CORPORATION
1. Management of the affairs of the Corporation shall reside in the Board.
The Board shall be comprised of the Mayor of the Municipality and the
President of the City Cormcil of the Municipality and three members to be
apr:ointed by the full City Cormci1. The tenn of office for the Mayor and
the President of the City Council smll be corrrnensurate with their terms
of office. The terms of the apfX.)inted members shall be three years. The
initial tenn of appointment, however, will be for staggered terms, i. e."
one member shall be apfX.)inted for 1 year, one for 2 years, and one for
3 years and thereafter the apr:ointment shall be for 3 years. A majority
of the Board shall constitute a quorum.
2. The members of the Board shall elect officers as provided in the
Ordinance. The Board shall oversee the activities of the Corporation,
establish or implement fX.)licy, participate in corr:orate activity as
necessa:ry and have stewardship for management in detennination of all
corporate affairs.
3. There shall be no' authorized stock and there shall be no stockholders,
in that the Corporation is not a private corporation, but solely authorized
by Title 50, Chapter 27, Idaho Code; the tenn "stock" is in no way to be
confused with the tenn "bond" as the Corporation is specifically author-
ized to issue bonds. .
ARI'ICLE VIII: RIGHTS AND LIBILITIES OF DIRECTORS
1. No director, officer, agent, employee or official of the Corporation
may have a direct or indirect financial interest in any property to be
included in or any contract for pro~rty, services or materials to be
furnished or used in connection with any industrial development
facility financed through the Corporation.
2. Every person who was or is a party to, or is threatened to be made
a party to, or is involved in, any action, suitor proceeding, whether
civil, criminal, administrative ori-investigative, by reason of the fact
that he or a person of whan he ig'l"'legal representative is or was a
director or officer of the Corporation, or is or was serving at the- request
of the Corporation as its representative in any other enterprise, shall
be indemnified and held hannless to the fullest extent legally pennissible
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ORDINANCE # 421 (cont'd)
rmder the laws of the State of Idaho fran time to time against all expense,
liability and loss (inculding attorneys' fees, judgments, fines, and
amormts paid or to be paid in settlement), reasonably incurred or suffered
by him in connection therewith. I 'Such rights of indam.ification shall not
be exculsive of any other right which such directors, officers, or repre-
sentatives may have or hereafter acquire, and without limiting the gener-
ality.of such statement, they shall be entitled to their _ respective rights
of indemnification rmder any bylaw, agreement, provision of law , or other-
wise, as well as their rights rmder this article. '!he Board may adopt by-
laws and/or rules and regulations fran time to time with respect to indem-
nification to provide at all times the fullest indemnification pennitted
by the law of the State of Idaho, and may cause the Corporation to purchase
and maintain insurance on behalf of any person who is or was a director or
officer of the Corporation, or is or was serving at the request of the
Corporation as its representative in any paItnership, joint venture, trust
or other enterprise, against any liability asserted against such person
and incurred in any such capacity or arising out of such status, whether
or not the Corporation would have the power to indemnify such persons.
ARTICLE IX: BYIAWS
'!he Board shall adopt bylaws and/or rules and regulations to provide
such rules for governing the Corporation and its activities as are not
inconsistent with the Ordinance, this Charter and the Act. Adoption of
by laws and rules and regulations and any amendments thereto shall require
a majority vote of the Board. '!he Board may provide in the bylaws or
rules and regula.tions for all matters relating to the governance of the
Corporation, incl:i.1ding but not limited to matters referred to elsewhere
-4:IT"'this Charter fOr inculsion therein, and for the following: (1.) the
existence of carmittees and duties of any such corrmittee; (2.) regular
and special meetings of the Board; (3.) retention of staff or personnel
and the relationship bewteen the Corpor.i'J,tion and the Municipality; and
(4.) such other matters as may becane necessary or important to the proper
functioning of the Corporation.
ARI'ICLE X: AMENDMENTS TO CHARIER
'!his Charter may be amended by Ordinance of the Municipality.
ARI'ICLE XI: COMMENCEMENT OF THE CORPORATION
'!his existence of the Corporation shall corrmence at the time the enact-
ment of the Ordinance becanes effective. A true and complete copy of
this Charter, certified by the Clerk of the Municipality as being on file
with the Municipality and having been duly issued by the Municipality,
together with a certified copy of the Ordinance, shall be filed in the
pennanent records of the Corporation.
ARI'ICLE XII: MISCELLANEOUS
Audits, dissolutions, alternations of this Charter, trusteeships, and
other matters affecting the Corporation shall be in compliance with
the provisions of the Ordinance and the Act.
PASSED by the City Cormcil and Approved by the. Mayor of the City
of Meridian, Ada Cormty, Idaho, this 3rd day of I'larch, 1983.
ATIEST:
Codifi
AlC
Minutes
ORDINANCE NO. 421
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ESTABLISHMENT,
ORGANIZATION AND OPERATION OF A PUBLIC CORPORATION TO IMPLEiFENT
TITLE 50, CHAPTER 27, IDl�HO CODE, AS AMENDED, APPROVING A
CHARTER FOR SUCH CORPOPikTION, SPECIFYING THE POWERS, AUTHOR.IT"
AND LIMI`T'ATIONS OF THE PUBLIC CORPORATION AND PROVIDING FOR
CONTROL AND SUPERVISION OF THE PUBLIC CORPORATION BY THE CImN
WHEREAS, the legislature of the State of Idaho has provided
for the creation of public corporations by cities of the State of
Idaho, pursuant to Title 50, Chapter 27, Idaho Code, as amencled.
(the "Act"), for the purpose of facilitating economic development
and employment opportunities in the State of Idaho through financ-
ing by such public corporations of the project costs of industrial
development facilities; and
WHEREAS, the City of Meridian desires to avail itsel-' of the
authority contained in the Act by creating a public corporation
for the purposes stated in the Act;
NOW, THERPFORE, BE IT ORDAINED BY THE MAYOR A14D COi'?(:IL OF
THE CITY OF MERIDIAN, IDAHO AS FOLLOWS
Section 1. The City of Meridian, Ada County, Idaho (the
"City") does hereby create a public corporation to carry out the
purposes of the Act. This Ordinance shall not be construed to
limit or restrict the purposes o{ the Act, but shall be liberally
construed to effect such purpose.
Section 2. The name of the public corporation shall be The
Economic Development Corporation of the City of Meridian (the
"Corporation")
Section 3. The Corporation shall have all the powers and
be subject to all the limitations and provisions contained in
the Act.
AMBROSE,
FITZGERALD
& CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83642
Telephone 888446,
v
AMBROSE,
FITZGERALD
& CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Merldlan, Idaho
83642
Telephone 888441
Section 4. A charter (the "Charter") is hereby issued by the
City to the Corporation. The Charter grants to the Corporation
all powers authorized by the Act. A copy of the Charter is
attached to this Ordinance as Exhibit A and hereby incorporated
herein by reference. The Charter is hereby approved pursuant to
Section 50-2703(1) of the Act. The Charter may be amended from
time to time by the City Council. The existence of the Corporation
commences at the time the enactment of this Ordinance becomes
effective.
Section 5. The board of directors of the Corporation (the
"Board") shall be comprised of the Mayor and the President of the
City Council of the City of Meridian, who shall hold office as
Board members by virtue of their election and qualification as
Mayor and as President of the City Council, and three additional
Board members who shall be duly appointed, as authorized in the
Charter, by the full City Council, subject to the provisions of
Section 50-2704 of the Act. In the event that a majority of the
City Council shall at any time determine that any member of the
Board shall for any reason be unwilling or unable to serve as a
director of the Board, the City Council shall by resolution or
ordinance designate another individual to serve as a director of
the Board in place of such member for a term coterminous with the
duration of such member's term in office (provided that a majority
of the full Board shall be residents of the City). A majority of
the members of the Board in office shall constitute a quorum, and
the approval of a majorityof
a quorum shall be necessary for the
Board to take any action.
Section 6, There shall be no stockholders, nor shall there
be any shares of stock authorized or issued, in that the co.rnora-
tion is not a private corporation but one solely authorized by
I. -
AMBROSE,
FITZGERALD
& CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83642
Telephone 988-4461
Title 50, Chapter 27, Idaho Code; the term "stock" is in no way
to be confused with the term "bond", as the corporation is
specifically authorized to issue bonds.
Section 7. 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 (provided that, in the event the Board shall
be comprised of only three members, the offices of vice president
and assistant secretary may be simultaneously held by the same
person, and provided further that, in the event the offices of the
vice president and assistant secretary shall be simultaneously hel
by the same person, such person shall not both execute and attest
any resolution, document, certificate, deed, mortgage or deed of
trust, note, bond, contract, or other document or instrunnent.).
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 consistent with the Act 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 and the Act.
Members of the Board shall serve without compensation but wii
reimbursement of expenses as may be provided in the bylaws, rules
and .regulations of the Board.
Y
AMBROSE,
FITZGERALD
& CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83642
Telephone 888.4461
Section 8. 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 pro-
perty, service or materials to be furnished or used in connection
with any industrial development facility financed through the
Corporation.
Section 9. The Corporation shall have all the powers granted
by the Act. Such powers shall include, without limitation, all
powers set forth in the Charter.
Section 10.
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.
Section 11. Any net earnings of the Corporation beyond those
necessary for retirement of indebtedness incurred by it shall
inure to the City and not for the benefit of any other person.
Alteration of the Charter of or dissolution of or audits of the
Corporation shall be as provided by the Act and by subsequent
ordinances of the City. Upon dissolution of the Corporation, titl
to all property owned by the Corporation shall vest in the City.
Section 12. All ordinances and resolutions, or parts thereof
in conflict herewith are to the extent of such conflict hereby
repealed.
Section 13. This ordinance shall be published within one (1)
month after its passage in one issue of The Valley News, the
official newspaper of the City, and shall take effect and be in
full force immediately upon its passage, approval and publication.
PASSED by the City Council and Approved by the Mayor of the
City of Meridian, Ada County, Idaho, this 3rd day of .:arch
1983.
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� ti
ATTEST:
CIVIL
City Clerk
PC: Sterling COdifiers
AIC
File
AMBROSE,
FITZGERALD
& CROOKSTON
Attorneys and
Counselors
P.O. Box 427
Meridian, Idaho
83642
Telephone 888.4461
...
YOR