Borough of Narberth, PA Industrial Development Authority

It is the desire of the Narberth Borough Council, Montgomery County, Pennsylvania, and said Council hereby signifies its intention, to organize an Industrial Development Authority in the Borough of Narberth, Montgomery County, Pennsylvania under the Economic Development Financing Law, Act of August 23, 1967 P.L. 251, as amended.[1]

[1]

Editor's Note: See 73 P.S. § 371 et seq.

§ 56-2 Articles of Incorporation.

Pursuant to said desire and intention and in conformity with the terms and provisions of said Economic Development Financing Law, the proposed Articles of Incorporation are hereby set forth in full as follows:

Articles of Incorporation
To the Secretary of the Commonwealth of Pennsylvania in Harrisburg, Pennsylvania: In compliance with the provisions of the Economic Development Financing Law of August 23, 1967, P.L. 251, and pursuant to the subsequent amendments to said law and in compliance with the resolution and ordinance adopted by the Council of the Borough of Narberth, Montgomery County, Pennsylvania on February 7, 2001, that an Industrial Development Authority be established under the provisions of the aforementioned law, the Council of the Borough of Narberth, Montgomery County, Pennsylvania, desires that an Industrial Development Authority be established and that a certificate of incorporation be issued to said Authority, and does hereby certify:
1.	The name of the Authority shall be Narberth Borough Industrial Development Authority.
2.	The Authority shall be formed under the Industrial and Commercial Development Authority Law of August 23, 1967 P.L. 251 as amended, currently known as the "Economic Development Financing Law" (73 P.S. § 371 et seq.).
3.	The name of the incorporating municipality is the Borough of Narberth, Montgomery County, Pennsylvania.
4.	The names and addresses of the Council of the Borough of Narberth, Montgomery County, Pennsylvania are as follows:
	Kathleen M. Valentine, President		5 Shirley Road Narberth, PA 19072
	William R. Henderson, Vice Pres.		503 Homewood Avenue Narberth, PA 19072
	Nancy Lotz		21 Windsor Avenue Narberth, PA 19072
	Hunter Martin		105 Windsor Avenue Narberth, PA 19072
	Mary Jo Pauxtis		1294 Montgomery Avenue Narberth, PA 19072
	Larry D. Rubin		2 Langdon Lane Narberth, PA 19072
	Mary Ann Zelno		520 North Essex Avenue Narberth, PA 19072
5.	The Board of said Authority shall consist of five persons who shall each serve for a five-year term, except for the first members of the Board whose terms shall be staggered. The names and addresses and terms of office of the first members of the Board of said Authority are as follows:
	Name	Address		Term
	Thomas F. Grady, Esq.	23 Windsor Avenue Narberth, PA 19072		1 year
	Andrew R. Haakenson	203 Wayne Avenue Narberth, PA 19072		2 years
	Stephen Y. Stein	7 Langdon Lane Narberth, PA 19072		3 years
	Anne P. Gallagher	26 Sabine Avenue Narberth, PA 19072		4 years
	Maureen M. Sexton	213 Elm Terrace Narberth, PA 19072		5 years
6.	The term of existence of the Authority shall be 50 years.
7.	All net income of the Narberth Borough Industrial Development Authority shall be paid or applied to capital municipal programs of the Borough of Narberth.

§ 56-3 Filing of Articles of Incorporation.

The Articles of Incorporation of said Authority shall be executed by and on behalf of the Borough of Narberth by the President of the Narberth Borough Council. The Seal of the Borough shall be affixed thereto and attested by the Secretary. The Borough Secretary is authorized and directed to cause to be published the notice of this chapter which shall contain the substance of the Articles of Incorporation as required by the aforementioned Act. Upon receipt of proof of publication as required by said Act, the Articles of Incorporation, properly executed, shall be filed with the Secretary of the Commonwealth.

§ 56-4 Reimbursement of costs.

All costs of incorporation and organization of the said Authority, including, but not limited to, filing fees, costs of publication, and legal fees, advanced by the Borough shall be reimbursed to the Borough by the Authority within one year of the date of incorporation of the Authority.

§ 56-5 Net proceeds.

[Amended 5-17-2017 by Ord. No. 999]

Any and all net proceeds of the Authority shall be paid or applied only to eligible municipal capital improvement projects ["eligible project(s)"] within the Borough of Narberth as recommended by Borough Council as set forth in § 56-6. An eligible project shall be defined as a physical betterment or improvement, or any studies or surveys required and relative thereto, including, but not limited to, any property of a permanent nature, and equipment or services needed in connection with such improvement, when first erected or acquired.

§ 56-6 Solicitation and submission of eligible projects.

[Added 5-17-2017 by Ord. No. 999]

The Borough Manager shall solicit eligible projects from Borough Council for submission to the Authority, and may make recommendations to Borough Council regarding potential eligible projects. In making such recommendations to Borough Council, the Borough Manager shall provide Borough Council with an evaluation of the eligible project and a recommendation concerning the funding of the eligible project.

Prior to submitting an eligible project to the Authority, a majority vote of Borough Council must approve of such submission. Once approved by Borough Council, the Borough Manager shall submit the eligible project to the Authority along with an evaluation of the eligible project as well as any recommendation the Manager deems appropriate concerning the funding of the eligible project.

[Amended 4-21-2021 by Ord. No. 1032]

§ 56-7 Compensation, removal and vacancies of authority members.

[Added 5-17-2017 by Ord. No. 999]

The members of the Authority shall serve without compensation, but they may be reimbursed for necessary traveling expenses or expenses necessary to carry out the objectives of the Authority when those expenses are deemed necessary and appropriate and have been approved by the Borough Council and appropriated in the annual budget.

A member of the Authority shall hold office until their successor has been appointed by Borough Council. However, a member of the Authority may be removed at any time, with or without cause, by a majority vote of Borough Council.

[Amended 4-21-2021 by Ord. No. 1032]

If a vacancy shall occur by reason of the death, disqualification, resignation, or removal of a member, a successor shall be appointed by Borough Council to fill the remainder of the unexpired term.

§ 56-8 Reports to Borough Council.

[Added 5-17-2017 by Ord. No. 999]

The Authority shall keep a full record of its business and shall no less than annually make a written report of its activities to the Borough Council. Interim reports may be made as often as may be necessary or as requested by the Borough Council. In addition to written reports, and upon request of Borough Council, the Authority shall send a representative to attend a Council/Committee meeting in order to present on any matters so requested.