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^ The power to borrow money in anticipation of bonds, after bonds have been <br />authorized; <br />^ The power to issue general obligation bonds, pursuant to the procedures set <br />forth in and as provided by the Statute and when authorized by 2/3 majority of <br />the City Council; <br />^ The power to issue revenue bonds; <br />^ The power to sell or convey property; <br />^ The power to advance its general fund money or its credit or both without <br />interest for the objects and purposes of the Statute; <br />^ The right to request that the City levy a tax for the benefit of the Authority; <br />^ Must name a national or state bank within the state as its depository every 2 <br />years; <br />^ Financial statements shall be prepared, audited, filed and published in <br />accordance with the Statute; <br />^ Shall prepare an annual report and annual budget; <br />Budget <br />2006 budgeted revenue is $345,800; including $307,200 general levy and <br />$32,100 from the business incubator. 2006 budgeted expenses total $297,850. <br />Primary expenditure is for staff related expenses, advertising/marketing, <br />professional, legal and engineering services, and incubator related expenses. <br />Other expenses include professional development and conferences, dues and <br />subscriptions, insurance, supplies, postage, and phone. <br />Elk River HRA <br />Structure <br />^ Established July 1980; <br />Functions, Powers and Duties <br />^ Created by resolution referencing MN Stat § 462.411-462.712; <br />^ Bylaws dated November 25, 1996 and signed by 5 commissioners <br />Limitations <br />^ Unknown at this time <br />Budget <br />2006 budgeted revenues are $264,950, including a general levy of $221,950. <br />Other revenue is from tax increment financing. 2006 budgeted expense total <br />$123,750. Primary expenditures are for staff related costs, legal and <br />professional services, and publishing. Other expenses include dues and <br />subscriptions, insurance, and postage. <br />Princeton EDA <br />Structure <br />^ Established 1994 <br />^ 7 commissioners; 3 shall be members of the City Council and 2 may be <br />residents of area townships <br />^ Appointed by the Mayor with the approval of the City Council <br />7 <br />