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Title 04
Chapter 04.25
Section 04.25.250
 

Title 04 Administrative Agencies and Procedures

Chapter 04.25 Public Development Authority

Article I. General Provisions

Section 04.25.250 Trusteeship
  1. If it be determined for any reason that a trusteeship should be imposed over the authority, the City, by ordinance, after a public hearing held with notice to the authority, may petition the superior court to impose a trusteeship over the authority and to appoint the trustees therefor.
  1. The trustees appointed by the superior court shall take such actions as necessary during the trusteeship to reasonably achieve the object thereof. The trustees shall have the power and authority to:
    1. reorganize the authority and recommend amendment of its charter and/or its bylaws;
    1. suspend and/or remove authority officials and manage the assets and affairs of the authority; and
    1. exercise any and all authority powers as necessary or appropriate:
      1. to fulfill outstanding agreements,
      1. to restore the capability of the authority to perform the functions and activities for which it is chartered,
      1. to reinstate its credit or creditability with its creditors or obligees, and
      1. if so authorized by the superior court, to oversee its dissolution.

Date Passed: Monday, March 26, 2007

Effective Date: Sunday, May 6, 2007

Recodification ORD C33995 Section 1