11-1495 City Code Dissolving Meridian Economic CorporationCITY OF MERIDIAN ORDINANCE N0.
BY THE CITY COUNCIL: BIRD, HOAGLUN, ROUNTREE, ZAREMBA
AN ORDINANCE REPEALING TITLE 1, CHAPTER 13, MERIDIAN CITY CODE,
REGARDING THE ECONOMIC DEVELOPMENT CORPORATION; PROVIDING
FOR A WAIVER OF THE READING RULES; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, on March 3,1983, the City Council of the City of Meridian created a public
corporation known as the "Economic Development Corporation" under the Municipal Industrial
Development Program, as authorized in Title 50, Chapter 27 of the Idaho Code; and,
WHEREAS, the Economic Development Corporation was created for the purpose of
issuing industrial development bonds for the Micro 100 Tool Corporation, which have been paid;
and
WHEREAS, and the Economic Development Corporation currently serves no municipal
purpose; and,
WHEREAS, the Economic Development Corporation has no property to administer;
and,
WHEREAS, all outstanding obligations of the Economic Development Corporation have
been satisfied; and,
WHEREAS, the City Council of the City of Meridian desires to dissolve the Economic
Development Corporation; and,
WHEREAS, Economic Development Corporation has no relationship to the Meridian
Development Corporation created under Idaho Code Title 50, Chapter 20, and this Ordinance
shall have no effect on the continued existence of the Meridian Development Corporation.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF
THE CITY OF MERIDIAN, IDAHO:
Section 1. That Title 1, Chapter 13 of the Meridian City Code is hereby repealed and the
Economic Development Corporation is hereby dissolved.
Section 2. That all funds currently held by the Economic Development Corporation in
the amount of $2,517.66 shall be transferred to the City of Meridian.
Section 3. That pursuant to the affirmative vote of one-half (1/2) plus one (1) of the
Members of the full Council, the rule requiring two (2) separate readings by title and one (1)
reading in full be, and the same is hereby, dispensed with, and accordingly, this Ordinance shall
be in full force and effect on its passage and approval.
ORDINANCE REPEALING TITLE 1, CHAPTER 13 -ECONOMIC DEVELOPMENT CORPORATION -PAGE 1 OF 2
PASSED by the City Council of the City of Meridian, Idaho, this ~ day of
~P ~~-P yYV~P~ 2011.
APPROVED by the Mayor of the City of Meridian, Idaho, this '~17 day of
~ ; 2011.
APPROVEp:
Tammeerd, Mayor
ATTEST: ~\\\e\\~~ ~~~~~~as~~~~~/'f'',
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aycee .Holman, City Clerk = ~., =
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ORDINANCE REPEALING TITLE 1, CHAPTER 13 -ECONOMIC DEVELOPMENT CORPORATION -PAGE 2 OF 2