Fort Walton Beach Ordinance — 369 - Tabled — reading text

\ ORDINANCE NO..S GG AN ORDINANCE CREATING AN INDUSTRIAL AUTHORITY CONSISTING OF ALL MEMBERS OF CITY COUNCIL, PROVIDING FOR THE ELECTION OF THE CHAIRMAN; PROVIDING FOR FILLING OF VACANCIES ON SAID AUTHORITY; REQUIRING RECOMMENDATIONS AND ACTIONS OF BOARD TO BE RATIFIED BY THE CITY COUNCIL; OUTLINING THE DUTIES OF SAID INDUS- TRIAL AUTHORITY; PROVIDING A FUND BY APPRO- PRIATION OR BUDGET FOR OPERATION OF SAID AUTHORITY; PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COUNCIL OF THE CLTY OF FORT WALTON BEACH, FLORIDA: SECTION 1: There is hereby created an Industrial Authority of the City of Fort Walton Beach, Florida, which Industrial Authority shall consist of all members of the City Council, and whose term of office shall continue for such period of time as they continue to serve as a member of the City Council of the Cty of Fort Walton Beach, Florida. SECTION 2: That a Chairman of the said Authority shall be elected annually by the membership and shall be a member of the said Authority. SECTION 3: Any vacancy occurring on this Authority shall be filled by the succeeding City Councilman. SECTION 4: All recommendations and proposed actions by the Indus- trial Authority shall be ratified by the said City Council. SECTION 5: The purpose and function of the Industrial Authority is to make studies and recommendations to the City Council of the City of Fort Walton Beach; to take action to accomplish the acquisi- tion of property suitable for use by industrial and commercial enterprises; to handle the financing of same and to provide for the leasing of this property, all in accordance with and to effectuate the intention of the 1961 Special Act authorizing cities, villages, or towns in Okaloosa County, Florida, to acquire suitable property for use by industrial or commercial enterprises. SECTION 6: Funds shall be made available to the Industrial Authority either by appropriation or budgeting so that the Industrial Authority shall have sufficient funds to perform its duties as set forth herein to accomplish the purposes contained in the 1961 Special Act concerning the acquisition of property suitable for industrial and commercial enterprises by the City. SECTION 7: The Industrial Authority shall submit such reports, recommendations and accountings of their expenditures at such times as the City Council requests and at such other times as they deem appropriate. SECTION 8: This Ordinance shall take effect thirty (30) days after its passage and approval by the Mayor. ADOPTED: APPROVED: Mayor ATTEST: City Clerk