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W. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax Increment Account (As Modified November 13, 2000) Administration of the tax increment financing redevelopment district will be handled by the City of Mounds View's E.D.A. Executive Director. Consistent with Minnesota Statutes, Section 469.177, Subdivision 5, requiring that "tax increment received with respect to any district shall be segregated by the authority in a special account or accounts on its official books and records or as otherwise established by resolution of the authority to be held by a trustee or trustees for the benefit of holders of the bond," the EDA will account for all increment for all increment from the Tax Increment Districts in on or more accounts and subaccounts, including the ability where deemed appropriate to establish one or more accounts for the proper accounting and implementation of the Tax Increment Financing Districts and the portion of the Project to be financed directly or indirectly with tax increment. The right to make appropriate transfers in and out of such accounts is hereby reserved, along with the tight to make both external and internal interest bearing borrowings, whether long term or short term, including transfers from other City of EDA funds to cash flow tax increment obligations and other legitimate expenditures. City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 1 1-3