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CHAPTER 15
<br />Loans must be for a purpose the EIS' A is authorized. to carry out under the
<br />law. An authorized. purpose must deal with or contribute to economic or
<br />ind.u.strial development. ED s have the ability to u.se pooled. bond. reserving.
<br />In most development programs, each bond. issue is independent of any other
<br />bond. issue with a separate service or sinking fund. account. ED s, however,
<br />may create a single common bond. reserve fund.. Under this arrangement,
<br />each prqject's revenues go into a common fund., which in turn pays the
<br />bondholders on all prqjects.
<br />Through this pooling mechanism, the security of each prqject's bond.
<br />increases and. borrowing costs decrease as long as the pool has the necessary
<br />volume and. diversity of cash flow.
<br />Jill U
<br />Im"I Irt I r 0
<br />Minn. Stat. §§ 469.048- 469.068. The state Legislature authorizes city creation of port authorities. A port
<br />Minn. Stat. § 469.053. authority is a separate political entity with the right to sue and. be sued. in its
<br />own name and. is generally or, anized. to increase commerce in a city. Unlike
<br />ED, As and. HRAs, a port authority may issue general obligation bonds
<br />without holding an election.
<br />Minn. Stat. § 469.050. Minn. Cities establish a port authority by passing an enabling resolution. It may
<br />Stat. § 4 9.051. have from three to seven commissioners (two of whom must be on the city
<br />council) appointed. by the mayor and. approved. by the city council, unless a
<br />different number or procedure is set out in the enabling law. State law
<br />governs commissioner pay, vacancies, duties, and. port authority by-laws.
<br />Minn. Stat. § 469.051, subd. 2. A port authority shall annually elect a president or chair, vice-president or
<br />vice-chair, treasurer, secretary, and. assistant treasurer. A commissioner may
<br />not serve as president or chair and. vice-president or vice-chair at the same
<br />time. The other offices may be held. by one commissioner. The offices of
<br />secretary and. assistant treasurer need. not be held. by a commissioner.
<br />15:10 LEAGUE OF MINNESOTA CITIES
<br />This chapter last revised 12/2010
<br />301 Other E, DA powers
<br />Minn. Stat. § 469.101, subds 1,
<br />ED, As can acquire property and. facilities but cannot issue debt without an
<br />2.
<br />election. The city must authorize the issuance of debt in the resolution
<br />2010 Minn. Laws ch. 389.1, art. 7.1,
<br />creating the ED, A. Also, ED, As can create economic development districts
<br />§ 5 amending Minn. Stat. § subd
<br />.101
<br />46� .1, . 1.
<br />9�
<br />but the districts must be contiguou.s. Current law eliminates the requirements
<br />"Bill Summary H.F. 3729" House
<br />that economic development districts established. by ED, As meet the "blight
<br />Research Department (May 16,
<br />test" under tax increment financing law for redevelopment districts. ED, As
<br />2010).
<br />may exercise powers under the hou.sing and. redevelopment authority (HR A)
<br />Minn. Stat. § 4 9.102.
<br />law if a particular EIS, A enabling resolution inclu.des HRA power) to create
<br />a redevelopment prqject, hou.sing development, or hou.sing prQject under
<br />which a restrictive blight test does not apply. These prQjects can be used. for
<br />similar purposes to those of an economic development district under the
<br />ED,A law.
<br />Jill U
<br />Im"I Irt I r 0
<br />Minn. Stat. §§ 469.048- 469.068. The state Legislature authorizes city creation of port authorities. A port
<br />Minn. Stat. § 469.053. authority is a separate political entity with the right to sue and. be sued. in its
<br />own name and. is generally or, anized. to increase commerce in a city. Unlike
<br />ED, As and. HRAs, a port authority may issue general obligation bonds
<br />without holding an election.
<br />Minn. Stat. § 469.050. Minn. Cities establish a port authority by passing an enabling resolution. It may
<br />Stat. § 4 9.051. have from three to seven commissioners (two of whom must be on the city
<br />council) appointed. by the mayor and. approved. by the city council, unless a
<br />different number or procedure is set out in the enabling law. State law
<br />governs commissioner pay, vacancies, duties, and. port authority by-laws.
<br />Minn. Stat. § 469.051, subd. 2. A port authority shall annually elect a president or chair, vice-president or
<br />vice-chair, treasurer, secretary, and. assistant treasurer. A commissioner may
<br />not serve as president or chair and. vice-president or vice-chair at the same
<br />time. The other offices may be held. by one commissioner. The offices of
<br />secretary and. assistant treasurer need. not be held. by a commissioner.
<br />15:10 LEAGUE OF MINNESOTA CITIES
<br />This chapter last revised 12/2010
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