5.0. EDSR 01-13-2003 - Laserfiche WebLink

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district and its people and that the transaction furthers the Authority ' s general plan of economic • development; x. The power to advance its general fund money or its credit or both without interest for the objects and purposes of the Statute, as allowed by the Statute; Y. The right to request that the City levy a tax for the benefit of the Authority, pursuant to the procedures and as provided for in the Statute. 8 . Existing Projects : • • a . The Authority shall have no control nor authority over any existing economic development or redevelopment project in the City, unless specifically so provided by subsequent resolution of the City Council . If the City Council adopts a resolution transferring control , authority, and operation of any existing project to the Authority, the Authority shall accept control, authority and operation of the project; b. When taking control of an existing project, the Authority may exercise all of the powers that th0 e governmental unit establishing the project could exercise with respect to the project and . shall covenant and pledge to performthe terms , conditions , and covenants of any bond indentures or other agreements executed with respect to the project. • 9 . Banks and Audits : a . Every two years the Authority shall name a national or state bank within the state as a depository, in the manner provided by the Statute . b. The financial statements of the Authority shall be prepared, audited, filed, and published in the manner required by the Statute . • 10 . Annual Reports : The Authority shall prepare and submit all annual reports required by the Statute, including: a . An annual report stating whether and how this enabling resolution should be modified; • a` . b. An annual budget;