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I <br /> ' I <br /> Section 3. Limits of PQWers, <br /> i <br /> 3,01. The following limits shall apply to the Economic Development Authority of the j <br /> City of Ramsey 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 City Departments as may be <br /> provided by the City and in accordance with City policies, <br /> (o) Development and redevelopment plans of the EDA shall be consistent with the <br /> City Comprehensive Plan and ofhcial controls implementing the Comprehensive <br /> Flan, <br /> (d) The EDA shall . obtain approval of its proposed plans for development <br /> redevelopment from'the City Council, <br /> r <br /> 3,02 The.Enabling Resolution may be modified to make any changes as authorized,by <br /> the 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 <br /> obligations of the City under any of its contracts or to affect in any detrimental <br /> manner the rights and privileges of a holder of a bond or other obligation <br /> G <br /> heretofore issued by the City, The City.Council shall not modify any limit in <br /> effect at the time any bonds or obligations are issued or contracts executed to the <br /> detriment of the holder of the bonds or obligations or any contracting party, <br /> Section 4, Implementation, <br /> I� <br /> 4,01, The City Council shall fxom time to time adopt such ordinances and resolutions as 9 <br /> are required and permitted by the Act to give full effect to this Resolution, <br /> 4,02, The Mayor, the City .Administrator, a-hd other appropriate City officials are <br /> authorized and directed to take the actions and execute and deliver the documents <br /> necessary to give Hill effect to this Resolution. <br /> 4,03, Nothing in this Resolution is intended to prevent the City from modifying this <br /> Enabling Resolution to impose new or different limitations on the EDA as <br /> authorized by the Act, <br /> The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br /> Beyer, and upon vote being taken thereon,the following voted in favor thereof, <br /> Mayor Camec <br /> Councilmember Haas Steffen <br /> Councilmember Beyer <br /> Councilmember Beahen <br /> Councilmember Zimmerman <br /> h <br /> nSOLUTION#98-11-280 <br /> Page 2 of 3 <br />