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26-EDA-381 <br />Page 2 <br />3) Reporting and Compliance: The EDA shall prepare all required reports, maintain <br />financial and program records, and provide updates to the City Council as <br />needed to ensure compliance with Minnesota Housing and Department of <br />Revenue requirements. <br />4) Financial Management and Coordination with City Staff: The EDA shall work <br />collaboratively with City staff to ensure proper financial management, accounting, <br />and oversight of LAHA funds, including the deposit into a dedicated account <br />within the City's financial system and the request of disbursements consistent <br />with approved program budgets and City financial policies. <br />5) Effective Date and Execution: This resolution shall take effect immediately upon <br />its adoption. <br />6) The EDA approves the Resolution in substantially the form presented to the <br />Board on the date below and further subject to any modifications that do not <br />alter the substance of the transaction and that are approved by the EDA <br />Administrator and legal counsel for the EDA. The President of the EDA, its <br />Executive Director, and other EDA officials, staff and consultants are <br />authorized to execute the Resolution and to take all other steps necessary or <br />convenient to carry out the obligations under the Resolution, as well as to <br />fulfill the intent of this Resolution. <br />Adopted by the Mounds View Economic Development Authority on the 9th <br />day of February 2026. J" <br />Attest: t"�IiCWW- <br />- <br />Sherry G <br />Nyle cmu Executive Director <br />(SEAL) <br />