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. x. y. district and its people and that the transaction furthers the Authority's general plan of economic development; 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; 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. Existinq 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 the governmental unit establishing the project could exercise with respect to the project and shall covenant and pledge to perform the 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; b. An annual budget; 5.