Res. #07-019 - Amended & Restated Res. Est. on EDA

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with their terms as members of the City Council. The other two commissioners shall be City residents or individuals conducting businesses in the city appointed by the Council to serve as commissioners for four-year terms (except that initial appointments shall be for two years and for four years in order to stagger the terms). They may be reappointed once for a total of two full terms. The EDA has all the powers and duties set forth in Section 469.090 to 469.108 of the Act and other law, eXcept as limited by this resolution. 2.03. The following limits apply to the EDA and its operation: a) The sale of bonds or other obligations of the EDA must be approved by the City Council. (b) The EDA must follow the budget process for City departments in accordance with City policies, ordinances and resolutions. (c) Development and redevelopment actions of the EDA must be in conformance with the City's comprehensive plan and official controls implementing the comprehensive plan. (d) The EDA must submit its plans for development and redevelopment to the City Council for approval in accordance with City planning procedures and law. (e) The administrative structure and management practices and policies of the EDA must be approved by the City Council. 2.04. As provided in the Act it is the intention of the City Council that nothing in this resolution nor any activities of the EDA are to be construed to impair the obligations of the City under any of its contracts or to affect in any detrimental manner the rights and privileges of a holder of a bond or other obligation heretofore issued by the City. Section 3. Implementation. 3.01. The City Council will from time to time and at the appropriate time adopt such ordinances and resolutions as are required and permitted by the Act to give full effect to this resolution. 3.02. The Mayor, the Administrator, and other appropriate City officials are authorized and directed to take the actions and execute and deliver the documents necessary to give full effect to this resolution. 3.03. Nothing in this resolution is intended to prevent the City from modifying this enabling resolution to impose new or different limitations on the EDA as authorized by the Act. Be it further resolved that Resolution Number 06-046 previously establishing an EDA is hereby amended as stated herein and has no further force and effect.