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2. The EDA follows the budget process for City departments as provided by the City <br />as implemented by the City Council and Mayor; <br />3. All official actions of the EDA must be consistent with the adopted <br />comprehensive plan of the City, and any official controls or oversight by the City <br />implementing the comprehensive plan; <br />4. The City Council may by resolution require the EDA to transfer any portion of <br />reserves generated by activities of the EDA that the City Council determines is <br />not necessary for the successful operation of the authority to the debt service fund <br />of the City, to be used solely to reduce tax levies for bonded indebtedness of the <br />City. <br />SECTION 2. Effective Tete <br />This resolution shall become effective immediately upon adoption and publication in the official <br />newspaper of the City of Lake Elmo. <br />ADOPTED BY THE LAKE ELMO CITE' COUNCIL ON THE 5TH DAIV OF <br />FEBRUARY, 2013. <br />(Seal) <br />ATTEST: <br />Adam Bell <br />City Clerk <br />