A. There is hereby created and established within the city a public body corporate and politic known as the city capital improvement board, a public facilities financing authority.

B. The board shall hold meetings at such times as it shall determine. The concurring votes of three members of the governing body of the board shall be required for the taking of action.

C. The members of the council shall act ex officio as the governing body of the board. At its organizational meeting the board shall adopt bylaws governing the conduct of its affairs in any manner deemed advisable by the board and not inconsistent with the terms of this chapter. Such bylaws may be amended from time to time by the governing body of the board.

D. At least once annually the board shall prepare and make available to interested members of the public a statement of all its financial affairs, audited by independent certified public accountants.

E. The council may order the dissolution of the board if the board has no outstanding indebtedness and is not a party to any outstanding material contracts, and if the unanimous written consent of the members of the board is first obtained. (Ord. 1059 § 1 (part), 1986)