19791204 1979-27ORDINANCE 1979 - 27
AN ORDINANCE AMENDING CHAPTER 11.1
OF THE CODE OF THE CITY OF FAIRFAX,
VIRGINIA, RELATING TO THE INDUSTRIAL
DEVELOPMENT AUTHORITY.
BE IT ORDAINED by the Council of the City of Fairfax, Virgini~
that Chapter 11.1 of the Code of the City of Fairfax, Virginia,
be, and it hereby is, amended and reenacted to read in its entiret
as follows:
Sec. 11.1-1 Created.
There is hereby created a political subdivision of the
Commonwealth of Virginia which shall be named the Industrial
Development Authority of the City (hereinafter referred to as
"Authority") .
Sec. 11.1-2 Powers.
The Authority shall have such public and corporate powers as
are set forth in the Industrial Development and Revenue Bond Act,
Chapter 33, Title 15.1, of the 1950 Code of Virginia, as amended
(hereinafter referred to as "Act"), including such powers as may
be set forth from time to time hereafter in the Act.
Sec. 11.1-3 Board of directors.
The board of directors of the authority shall be composed of
seven directors, who shall be appointed by the City Council. At
least six of the seven directors shall be bona fide residents and
citizens of the City. The seven directors shall be appointed
initially for terms of one, two, three and four years; two being
appointed for one year terms; two being appointed for two year
terms; two being appointed for three year terms and one being
appointed for a four year term. Subsequent appointments shall be
for terms of four years, except appointments to fill vacancies
which shall be for the unexpired terms.
This Ordinance shall become effective immediately upon its
adoption.
Introduced:
Adopted:
November 6, 1979.
December 4, 1979.
Mayor
ATTEST:
City C~i e rk