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11-08-1989 Council Agenda
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11-08-1989 Council Agenda
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to the Debt Service Fund of the City and be used to <br />reduce tax levies for bonded indebLedness; <br />3. The City Council may require that the EDA obtain <br />City approval before selling any bonds or <br />obligations issued by the EDA (and prior approval is <br />required in any case for general obligation bonds); <br />4. The City may impose other limitations on an EDA's <br />budget process, administration and management, and <br />other activities, and may require an EDA to comply <br />with the City's comprehensive plan, and may impose <br />any other limitation the City Council deems <br />appropriate. <br />Minn. Stat. 1469.092 <br />(b) There are, in addition to the above limitations, <br />other means by which a City Council may limit the powers of <br />the Authority: <br />A. City Council as Commissioners of Authority. The <br />authorizing legislation states that at least one (and in <br />some cases, two) city council members must be included <br />among the EDA commissioners. A City Council can provide <br />in the enabling resolution, however, that the members of <br />the City Council shall serve as all the commissioners of <br />the Authority. This approach would ensure absolute City <br />Council control over EDA activities. If a City elected <br />to take this route, it could establish a separate <br />advisory committee to assist it with economic development <br />matters. As an alternative, a City Council could provide <br />(as is provided in the proposed enabling resolution) that <br />some but not all (in this case two) commissioners be city <br />council members. <br />B. Limitations on EDA Powers. If a City Council <br />chooses not to act as the governing body of the <br />Authority, it may, in the enabling resolution, place <br />specific restrictions on the exercise of powers by the <br />EDA. These restrictions could take several forms. <br />(i) Restrictions on Exercise of Powers. The <br />enabling resolution may provide that the Authority <br />may not exercise certain specified powers without <br />the prior approval of the City Council. Such a <br />restriction might be placed on the power to issue <br />general obligation or revenue bonds on the power to <br />3 <br />Page 5 <br />
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