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Section 3. Limits of Powers. <br />3.01. The EDA shall have all of the powers of the Act except the following limits shall apply <br />to the EDA and its operation: <br />(a) The sale of all bonds or other obligations issued by the EDA shall be first <br />approved by the City Council. <br />(b) The EDA shall follow the budget process for the City Departments as specified <br />by the City Council and in accordance with City policies. <br />(c) Development and redevelopment plans of the EDA shall be consistent with the <br />City Comprehensive Plan and official controls implementing the Comprehensive Plan. <br />(d) The EDA shall obtain approval of its proposed plans for development and <br />redevelopment from the City Council. <br />(e) The administrative structure and management practices and policies of the <br />EDA shall be approved by the City Council. <br />3.02. This Enabling Resolution may be modified to make any changes as authorized by the <br />Act. <br />3.03. As provided in the Act it is the intention of the City Council that nothing in this <br />Resolution nor any activities of the EDA shall be construed to impair the obligations of the City under <br />any of its contracts or to affect in any detrimental manner the rights and privileges of a holder of a <br />bond or other obligation heretofore issued at the time any bonds or obligations are issued or contracts <br />executed to the detriment of the holder of the bonds or obligations or any contracting party. <br />Section 4. Implementation. <br />4.01. The City Council shall from time to time adopt such ordinances and resolutions as are <br />required and permitted by the Act to give full effect to this Resolution. <br />4.02. The Mayor, the City Administrator, and other appropriate City officials are authorized <br />and directed to take the actions and execute and deliver the documents necessary to give full effect to <br />this Resolution. <br />4.03. Nothing in this resolution is intended to prevent the City from modifying this enabling <br />resolution to impose new or different limitations on the EDA as authorized by the Act. <br />The motion for the adoption of the foregoing resolution was made by member Haas and duly <br />seconded by member Granger and, upon a vote being taken thereon after full discussion thereof, the <br />following voted in favor thereof: Granger, Haas, Petryk, Puleo, Miron <br />and the following voted against the same: NONE <br />Whereupon said resolution was declared duly passed and ado this 19m y of July 2004. <br />n, Ma or <br />ATTEST: <br />MaryCreager, City MArk <br />