If authorized by the Mayor and approved by the Council by ordinance, the City may
establish public benefit corporations, development corporations, public trusts, and
other entities authorized by state law for public purposes, including development,
management, and promotion of assets of the City, subject to such budgetary, personnel
or other requirements as may be established by ordinance.
(2)
Public benefit corporations, development corporations, public trusts, and other entities
authorized by state law and established prior to January 1, 1996, the effective date
of this amendment to this Charter, are hereby recognized. Such entities may be continued,
modified or abolished in accordance with the terms of applicable enabling statutes,
ordinances, articles of incorporation, by-laws, or trust indentures in effect prior
to January 1, 1996 or as thereafter revised.
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