(a)The articles of incorporation of an authority shall state all of the following:
(1)A designation of the authorized operational area of the authority, including the name or names of each county within such authorized operational area.
(2)The names of the incorporators of the authority and that each of them is a resident of a county within the authorized operational area of the authority.
(3)The name of the authority, which may be a name indicating in a general way the geographic area proposed to be served by the authority and shall include the words “Industrial Development Authority” (e.g., “The _______ Industrial Development Authority” or “The Industrial Development Authority of _______,” the blank space to be filled in with a geographically descriptive word or words, but the descri
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The articles of incorporation of an authority shall state all of the following:
(1) A designation of the authorized operational area of the authority, including the name or names of each county within such authorized operational area.
(2) The names of the incorporators of the authority and that each of them is a resident of a county within the authorized operational area of the authority.
(3) The name of the authority, which may be a name indicating in a general way the geographic area proposed to be served by the authority and shall include the words “Industrial Development Authority” (e.g., “The _______ Industrial Development Authority” or “The Industrial Development Authority of _______,” the blank space to be filled in with a geographically descriptive word or words, but the descriptive word or words shall not preclude the authority from exercising its powers in other geographic areas). If more than one county is included in an authority’s authorized operational area, then the name of the authority should also include either the name of each county included in the authority’s authorized operational area (e.g., “The Industrial Development Authority of _________ and _________ Counties”) or any other word or words reasonably descriptive of the authority’s authorized operational area.
(4) The period of the authority, which may be perpetual.
(5) The location of the principal office of the authority, which shall be within the boundaries of a county within the authorized operational area of the authority.
(6) That the authority is organized pursuant to this chapter.
(7) If the exercise by the authority of any of its powers hereunder is to be in any way prohibited, limited, or conditioned, a statement of the terms of the prohibition, limitation, or condition.
(8) The number of directors (which shall be a number not less than three times the number of counties included in the authority’s authorized operational area) and the duration of their respective terms of office (which shall not be in excess of six years).
(9) The manner of appointing directors, which may be by any of the following methods:
a. By the governing body of the county or counties within the authorized operational area of the authority;
b. By the governing bodies of municipalities located in the authorized operational area of the authority;
c. By the individual members of the governing bodies of municipalities or counties within the authorized operational area of the authority, based upon districts, precincts, place numbers, or the like;
d. By the legislative delegation or delegations for the authorized operational area of the authority;
e. Jointly by a combination of any of the above as the articles prescribe.
(10) Any provisions not inconsistent with this chapter relating to the dissolution of the authority and the vesting of title to its assets and properties upon its dissolution.
(11) Any other matters relating to the authority that the incorporators may choose to insert and that are not inconsistent with this chapter or with the laws of the state.
(b) The articles shall be signed by each of the incorporators.
(c) Upon the filing for record of the articles with the probate judge, the authority shall come into existence and shall constitute a public corporation under the name set forth in its articles of incorporation. The acceptance of articles for recording by the probate judge shall be conclusive evidence of the due, legal, and valid incorporation of the authority in all courts. The probate judge shall record the articles in an appropriate book in his office. There shall be no filing fees or recording taxes due or payable on account of the filing for record of the articles.
(d) Notwithstanding any other provision of this chapter, the articles of incorporation or legal existence of an authority shall not be deemed invalid for the sole reason that the articles of incorporation of such authority fail to specify an authorized operational area, and every such authority whose articles of incorporation fail to specify an authorized operational area, but are otherwise formed in accordance with the provisions of this chapter, may do all things contemplated by this chapter as if such authority had designated as its authorized operational area the county of incorporation.