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bus,ness and exercising~ its' powers and for all other purposes, except' that <br /> no facilities owned .by the authority s~all be leased or disposed of in <br /> any manner without a majority vote of the members of the board of directors. <br /> No vacancy in the mambership of the board shall impair the right of a quorum <br /> to exercise all the powers and perform &ll the duties Of the board° The <br />- board shall keep detailed minutes of its proceedirgs: which sb~ll he open <br />to ~blic inSpection at all timeS. It Sh~I1 keep saitable records of ~ll <br />its fi~nc:ial transactions and shall arrange tO ~ave the same audited <br />arm~]~yo Copies of each such audit shaLI be furnished to the Council <br />and shall be open to public inspection. <br /> <br /> Section 4. Same - powers, responsibilities and duties. <br /> <br /> The authority shall ?~ve such pu~01ic and corporate Dowers, duties <br />ar~ responsibilities as are set forth in the Industrial Development and <br />Revenue Fond Act, Chap~ter 33, Title 15.1, Code of Virginia of 1950, as <br />amended, includirg SUCh powers as may hereafter be specified from time to <br />time in said Act, 'together with all powers incidental thereto or necessary <br />for the performance of those powers e~aerated t~herein. <br /> <br /> Section 5. An emergency exists and this ordir~rne shall take ef- <br />fect frmm its passage. <br /> <br /> Adopted by the Council of the City of Portzmouthj Virginia, at a <br />uneetirg held December 20, 1968. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />