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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO ORDINANCE NO. 2001 - 03 (2345) AN ORDINANCE DECLARING THAT THERE IS NO LONGER A NEED FOR AN INDUSTRIAL DEVELOPMENT AUTHORITY AND DECLARING THAT SUCH AUTHORITY SHALL NOT FURTHER FUNCTION WHEREAS, the California Industrial Development Financing Act, California Government Code Sections 91500 et seq, (the "Act "), has created in the City of San Leandro a public, corporate instrumentality of the State of California known as the Industrial Development Authority of the City of San Leandro, for the purpose of exercising powers granted by the Act; and WHEREAS, Section 91520 of the Act provides that said Authority shall not transact any business or exercise any powers under the Act unless, by ordinance, this City Council declares that there is a need for such Authority and that such Authority shall function; and WHEREAS, on the 17 day of February, 1981, this City Council declared by Ordinance No. 81 -09 the need for an Industrial Development Authority and that such an Authority should function; and WHEREAS, there is no longer a need for said Authority to function in the City of San Leandro; and WHEREAS, Section 91544 of the Act provides that said Authority may be dissolved upon a declaration of this City Council that there is no longer a need for such Authority and that such Authority shall not further function: NOW, THEREFORE, the City Council of the City of San Leandro does ORDAIN as follows: Section 1. It is hereby found and declared that there is no longer a need for the Industrial Development Authority of the City of San Leandro and that such Authority shall not further function pursuant to Section 91544 of the Act. Section 2. Pursuant to Section 91544(b) of the Act, this Ordinance is subject to provisions for referendum set forth in Sections 9235 through 9247 of the California Elections Code.