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RELEVANT LINKS: <br />League of Minnesota Cities Handbook for Minnesota Cities 8/1/2023 <br />Community Development and Redevelopment Chapter 14 | Page 9 <br /> The law states that the principal and interest on bonds are payable <br />exclusively from the income and revenues of the project financed with the <br />proceeds of the bonds, or exclusively from the income and revenues of <br />certain designated projects, whether they are financed in whole or in part <br />with the proceeds of the bonds. <br /> 8. HRA certifications to state <br /> The following documents relating to the establishment and activities of <br />local HRAs must be filed with the DEED commissioner: <br />Minn. Stat. § 469.003, subds. <br />4, 6, 7. <br />Minn. Stat. § 469.013 subd. <br />2. <br />• Resolution of need. <br />• Certificates of appointment or reappointment of HRA commissioners. <br />• Low-rent public housing project and management plans. <br />Minn. Stat. § 469.013 subd. <br />2. The following additional documents relating to local HRA activities may <br />also be requested by the DEED commissioner: <br /> <br /> • Project reports. <br />• Applications for federal assistance. <br />• Contracts with federal agencies. <br />• Redevelopment plans. <br />Minn. Stat. § 469.013. In addition, annual financial reports must go to the state auditor, DEED <br />commissioner, and the city council. <br /> 9. HRA federal certification <br />24 C.F.R 982.51. In order for a local HRA to use federal Department of Housing and Urban <br />Development (HUD) assistance programs, it must submit a transcript of <br />organizational documents to the HUD area office. <br /> C. Economic development authorities <br />Minnesota Department of <br />Employment and Economic <br />Development: The Economic <br />Development Authority <br />Handbook. <br />An economic development authority (EDA) is a legal entity created by a <br />city to facilitate a well-rounded program for business assistance and <br />development projects. <br />Minn. Stat. § 469.091. <br />Minn. Stat. § 469.093. All cities and townships have authority from the Minnesota Legislature to <br />create economic development authorities (EDA). The city may consolidate <br />an EDA with an existing HRA or the city may grant HRA powers to the <br />EDA. The city council may create an EDA by passing an enabling <br />resolution. Before adopting the enabling resolution, the city must first <br />conduct a public hearing.