The city council of the City of Rolla, Missouri, hereby finds and determines that it is wise, expedient, necessary and advisable that an industrial development corporation under the name of "The Industrial Development Authority of the City of Rolla, Missouri" (The "Authority"), be formed. (Ord. 2133, §1.)
The application is hereby approved and the applicants are hereby granted permission and authorized to proceed to form and organize the authority pursuant to the provisions of the Industrial Development Corporation Act. (Ord. 2133, §2.)
The form of articles of incorporation proposed to be used in organizing the authority and attached as Exhibit B are hereby approved, and the applicants are hereby authorized and directed to execute, acknowledge and file said articles of incorporation with the Secretary of the State of Missouri, in the form attached hereto. Such articles shall not hereafter be amended without the approval of the Rolla City Council. (Ord. 2133, §3.)
Persons who are duly qualified electors of and tax-payers in the City of Rolla, Missouri and who are not officers or employees of the City of Rolla, Missouri shall be elected directors of the authority, each such person to serve his or her term until his or her successor is duly elected and has commenced his or her term of office. (Ord. 2133, §4; Ord. 2222, §1.)
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