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I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />appointed for six ),ear terms. A vacancy is created in the membership of the corrm~ission when a <br />City Council member of the Author/ty ends Council membership. <br /> <br />Section 3. Limits of Powers. <br /> <br /> 3.01. The following limits shall apply to the Economic Development Authority of the <br />City of Ramsey and its operation: <br /> <br /> (a) The sale of ail bonds or other obligations issued by the EDA shall be first <br />approved by the City Council. <br /> <br /> (b) The EDA shall follow the budget process for City Departments as may be <br />provided by the City and in accordance with City policies. <br /> <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 /> <br /> (d) The EDA shall obtain approval of its proposed plans for development and <br />redevelopment from the City Council. <br /> <br /> 3.02. <br />the Act. <br /> <br />The Enabling Resolution may be modified to make any changes as author/zed by <br /> <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 <br />under any of its contracts or to affect in any detrimental manner the"rigi'its and privileges of a <br />holder of a bond or other obligation heretofore issued by the City. The City Council shall not <br />modify any limit in effect at the time any bonds or obligations are issued or contracts executed to <br />the detriment of the holder of the bonds or obligations or any contract/ng party. <br /> <br />Section 4. Implementation. <br /> <br /> 4.01. The City Council shall from time to time adopt such ordinances and resolutions as <br />are required and permitted by the Act to give full effect to this Resolution. <br /> <br /> 4.02. The Mayor, the City Administrator, and other appropriate City officials are <br />authorized and directed to take the actions and execute and deliver the documents necessary to <br />give full effect to this Resolution. <br /> <br /> 4.03. Nothing in this Resolution is intended to prevent the City from modifying this <br />Enabling Resolution to impose new or different Iimitations on the EDA as author/zed by the Act. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br /> , and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />RESOLUTION #98-11- <br />Page 2 of 2 <br /> <br /> <br />