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RELEVANT LINKS: <br />Minn. Stat. § 469.003, subds. <br />4, 6. <br />Minn. Stat. § 469.003, subd. <br />7. <br />Minn. Stat. § 469.013. <br />Minn. Stat. §§ 469.090 to <br />469.1082. <br />Minn. Stat. § 469.1082, subd. <br />5. <br />Minnesota Department of <br />Employment and Economic <br />Development: The Economic <br />Development Authorities <br />Handbook. <br />The law states that the principal and interest on bonds are payable <br />exclusively from the income and revenues of the project financed with the <br />proceeds of the bonds, or exclusively from the income and revenues of <br />certain designated projects, whether or not they are financed in whole or in <br />part with the proceeds of the bonds. <br />8. HRA certifications to state <br />The following documents relating to the establishment and activities of <br />local HRAs must go to the DEED commissioner: <br />• Resolution of need. <br />• Certificates of appointment or reappointment of HRA commissioners. <br />• Project reports. <br />• Applications for federal assistance. <br />• Contracts with federal agencies. <br />• Redevelopment plans. <br />• Low rent public housing project and management plans. <br />In addition, annual financial reports must go to the state auditor. <br />9. HRA federal certification <br />In order for a local HRA to use federal Department of Housing and Urban <br />Development (HUD) assistance programs, it must submit a transcript of <br />organizational documents to the HUD area office. <br />C. Economic development authorities <br />All cities and townships have authority from the state Legislature to create <br />economic development authorities. The city may consolidate the economic <br />development authority (EDA) with an existing HRA or the city may grant <br />the authority HRA powers. The city council may create an EDA by <br />passing an enabling resolution. Before adopting the enabling resolution, <br />the city must first conduct a public hearing. The enabling resolution <br />establishes a board of commissioners for the EDA. The city council can <br />choose to serve as the EDA board of commissioners or create a board <br />composed of community members. The mayor, with approval of the <br />council, appoints the commissioners. The board may consist of three, five <br />or seven members who serve six-year terms. The board is subject to the <br />open meeting law. <br />1. EDA levies <br />League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br />Community Development and Redevelopment Chapter 15 1 Page 9 <br />