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2.02.03 Limits of Powers. The following shall apply to the Economic Development Authority <br />of the City of Ramsey and its operation: <br />a. The sale of all bonds or other obligations issued by the EDA shall be first approved by <br />the City Council. <br />b. The EDA shall follow the budget process for City Departments as may be provided by <br />the City and in accordance with City policies. <br />c. Development and redevelopment plans of the EDA shall be consistent with the City <br />Comprehensive Plan and official controls implementing the Comprehensive Plan. <br />d. The EDA shall obtain approval of its proposed plans for development redevelopment <br />from the City Council. <br />SECTION 3. SUMMARY <br />The following is the official summary of Ordinance #08 -03 which has been approved by the City <br />Council of the City of Ramsey as clearly informing the public of the intent and effect of the <br />Ordinance. <br />The ordinance repeals the existing City Code Section 2.02 and replaces it with a new Section <br />2.02. This section establishes an Economic Development Authority, summarizes its purpose, its <br />powers and limits of power. <br />SECTION 4. EFFECTIVE DATE <br />The effective date of this Ordinance is thirty (30) days after its passage and publication, subject <br />to City Charter Section 5.07. <br />Adopted by the Ramsey City Council the 22 day of January, 2008. <br />Introduction Date: <br />Posting Dates: <br />Adoption Date: <br />Publication Date: <br />Effective Date: <br />Mayor <br />January 8, 200 <br />January 8 — 23, 2 <br />January 22, 2008 <br />February 1, 2008 <br />March 3, 2008 <br />