A. There exist within the city economically distressed areas which may be benefited by efforts to prevent the loss of existing jobs and to create new jobs.

B. In the interest of the health, welfare and safety of the people of the city and of the state of California, it is necessary to provide an alternative method of financing certain facilities in order to prevent the loss of existing jobs in the city and to increase employment opportunities and otherwise contribute to the economic development of the city.

C. The California Industrial Development Financing Act, California Government Code Sections 91500 et seq. (the “Act”), has created in the city a public, corporate instrumentality of the state of California known as the industrial development authority of the city, for the purpose of exercising powers granted by the Act.

D. Section 91520 of the Act provides that the 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 the authority shall function. (Ord. 81-3 § 1, 1981)