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PROPOSED <br />DOCSOPEN\EL185\13\850482.v1-1/12/23 <br /> <br />w. The power to sell or convey property owned by it within the City or an economic development <br />district pursuant to the procedure set forth in the Statute, if it determines that the sale or <br />conveyance is in the best interest of the City or district and its people and that the transaction <br />furthers the Authority's general plan of economic development; <br /> <br />x. The power to advance its general fund money or its credit or both without interest for the <br />objects and purposes of the Statute, as allowed by the Statute; <br /> <br />y. The right to request that the City levy a tax for the benefit of the Authority, pursuant to the <br />procedures and as provided for in the Statute. <br /> <br />8. Existing Projects <br />a. The Authority shall have no control nor authority over any existing economic development or <br />redevelopment project in the City, unless specifically so provided by subsequent resolution of <br />the City Council. If the City Council adopts a resolution transferring control, authority, and <br />operation of any existing project to the Authority, the Authority shall accept control, authority <br />and operation of the project; <br /> <br />b. When taking control of an existing project, the Authority may exercise all of the powers that the <br />governmental unit establishing the project could exercise with respect to the project and shall <br />covenant and pledge to perform the terms, conditions, and covenants of any bond indentures or <br />other agreements executed with respect to the project. <br /> <br />9. Banks and Audits <br />a. Every two years the Authority shall name a national or state bank within the state as a <br />depository, in the manner provided by the Statute. <br /> <br />b. The financial statements of the Authority shall be prepared, audited, filed, and published in the <br />manner required by the Statute. <br /> <br />10. Annual Reports <br />The Authority shall prepare and submit all annual reports required by the Statute, including: <br /> <br />a. An annual report stating whether and how this enabling resolution should be modified; <br /> <br />b. An annual budget; <br /> <br />c. An annual report giving a detailed account of the Authority's activities and its receipts and <br />expenditures during the preceding year. <br /> <br />11. Modification of Enabling Resolution