History
RAIC was organized on June 17, 1969 as a nonprofit public benefit corporation under the laws of the State of California (the “State”) for the purpose of assisting the City of Los Angeles (the “City”) by financing and otherwise acquiring, constructing, reconstructing, replacing, extending, enlarging, or improving airports, heliports, the facilities thereof. RAIC has no members, and all corporate powers are exercised by or under the direction of RAIC’s Board of Directors (the “Board”). The Board consists of five directors (the “Directors”) with currently one vacancy, who also act as RAIC’s officers. The Directors are elected at each annual meeting of the Board. The Department of Airports of the City has, but has never exercised, the right to disapprove the election, reelection, or appointment of any Director. RAIC’s articles of incorporation provide that RAIC is not organized for profit and that no part of the net earnings, if any, of RAIC, will inure to the benefit of any private shareholder or individual. Upon the dissolution of RAIC, any assets remaining after provision for its debts and liabilities are to be distributed to the City.
For more information about RAIC, please consult the following:
Meeting Minutes
RAIC also makes available the minutes from its Board of Directors meetings held in the past 12 months: