§ 2-93. Authority.

The governing body hereby authorizes the development and implementation of the equipment acquisition program of the city; and, promptly after its incorporation and organization, the board of directors of the authority is authorized and directed to:

(a)

Develop and present to the governing body the authority's plan for the authority:

(i)

To purchase, lease or otherwise acquire and to sell, lease or otherwise convey to the city all types of personal property that are necessary or appropriate for the performance of the city's public functions; or

(ii)

To provide financing to the city in connection with its acquisition or purchase of all types of personal property that are necessary or appropriate for the performance of the city's public functions;

(b)

Prepare and present to the governing body all documents and instruments necessary to implement the initial plan described above.

For all purposes of Article IV of the articles, the equipment acquisition program authorized by this section shall be deemed to be an "Approved Program" of the city, and, provided that section 2-92(d) of this article has been complied with, all parties dealing with the authority are entitled to rely upon the acts, contracts, agreements and representations of the authority that purport to be in furtherance of such program or are represented to be so by the authority.

(Ord. No. 5218, § 3, 5-28-87)