Laserfiche WebLink
Attachment B <br />In addition, port authorities have the same cross-referenced powers given to EDAs, as described <br />above. That is, a port authority powers under the Municipal Industrial Development Act for a <br />purpose under the HRA Act or Port Act, and may use the powers under the HRA Act and Port Act <br />for a purpose under the Municipal Industrial Development District Act. These cross-referenced <br />powers are often the most useful tools to a port authority, particularly where the authority wishes to <br />pursue activities other than industrial development. <br />The key difference between an EDA and Port Authority is in the powers related to tax levies and <br />issuance of bonds. At the Port Authority's request, the City must levy up to .1813% of taxable <br />market value in the City for activities under the Port Act. Like the EDA levy, this amount is within <br />City levy limits, but unlike the EDA levy, this levy is mandatory if the Port Authority requests the <br />City to make the levy. In Roseville, this "mandatory" feature is not as relevant, because the City <br />Council itself effective acts as the Port Authority board. <br />More importantly, port authorities may issue general obligation bonds, with consent of the City <br />Council, for any purpose under the Port Act. Unlike bonds issued by either HRAs or EDAs, these <br />Port Authority general obligation bonds may be issued without election. This is the single most <br />important advantage of Port Act powers compared to either EDA or HRA powers. <br />s�s-azz�ao�i <br />6 <br />