WHEREAS, there exist within the City of Berkeley economically distressed areas which may be benefited by efforts to prevent the loss of existing jobs and to create new jobs; and

Whereas, in the interest of the health, welfare and safety of the people of the City of Berkeley 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 such City and to increase employment opportunities and otherwise contribute to the economic development of such City; and

Whereas, the California Industrial Development Financing Act, California Government Code Sections 91520, et seq. (the "Act"), has created in the City of Berkeley a public, corporate instrumentality of the state of California known as the Industrial Development Authority of the City of Berkeley, 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 the authority shall function. (Ord. 5339-NS Preamble, 1981)