Laserfiche WebLink
Resolution 10208 <br />Page 2 <br />2. Use of Funds: The EDA is authorized to use LAHA funds for any eligible <br />purpose permitted under Minnesota law, including but not limited to <br />development or preservation of affordable housing, rehabilitation or repair <br />programs, gap financing, rental assistance or stabilization programs, and <br />administrative costs as allowed by statute. <br />3. Reporting and Compliance: The EDA shall prepare all required reports, <br />maintain financial and program records, and provide updates to the City <br />Council as needed to ensure compliance with Minnesota Housing and <br />Department of 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, <br />accounting, and oversight of LAHA funds. LAHA funds shall be deposited <br />into a dedicated account within the City's financial system. The EDA is <br />authorized to request disbursements consistent with approved program <br />budgets and City financial policies. <br />5. Effective Date and Execution: This resolution shall take effect immediately <br />upon its adoption. <br />BE IT FURTHER RESOLVED that the City Council approves the Resolution <br />in substantially the form presented to the City Council subject to any modifications <br />that do not alter the substance of the transaction and that are approved by the City <br />Administrator and the City Attorney. <br />BE IT FINALLY RESOLVED that the Mayor, the City Administrator, and other <br />City and EDA officials, staff, and consultants are authorized to execute the <br />Resolution and to take any and all other steps necessary or convenient to carry out <br />the obligations under the Resolution as well as to fulfill the intent of this Resolution. <br />Adopted by this 9th day of February 20 <br />indstrom, Mayor <br />Attest: <br />Nyl ikm d, City Administrator <br />(SEAL) <br />