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Minnesota Statutes Local Economic Development (Ch. 466A-470) § 469.092. Limit of powers

Current as of January 01, 2025 | Updated by Findlaw Staff

Subdivision 1. Resolution. The enabling resolution may impose the following limits upon the actions of the authority:

(1) that the authority must not exercise any specified powers contained insections 469.001to469.047,469.090to469.108, and469.124to469.133or that the authority must not exercise any powers without the prior approval of the city council;

(2) that, except when previously pledged by the authority, the city council may by resolution require the authority to transfer any portion of the reserves generated by activities of the authority that the city council determines is not necessary for the successful operation of the authority to the debt service fund of the city, to be used solely to reduce tax levies for bonded indebtedness of the city;

(3) that the sale of all bonds or obligations issued by the authority be approved by the city council before issuance;

(4) that the authority follow the budget process for city departments as provided by the city and as implemented by the city council and mayor;

(5) that all official actions of the authority must be consistent with the adopted comprehensive plan of the city, and any official controls implementing the comprehensive plan;

(6) that the authority submit all planned activities for influencing the action of any other governmental agency, subdivision, or body to the city council for approval;

(7) that the authority submit its administrative structure and management practices to the city council for approval; and

(8) any other limitation or control established by the city council by the enabling resolution.

Subd. 2. Modification of resolution. The enabling resolution may be modified at any time, subject to subdivision 5, and provided that any modification is made in accordance with this section.

Subd. 3. Report on resolution. Without limiting the right of the authority to petition the city council at any time, each year, within 60 days of the anniversary date of the first adoption of the enabling resolution, the authority shall submit to the city council a report stating whether and how the enabling resolution should be modified. Within 30 days of receipt of the recommendation, the city council shall review the enabling resolution, consider the recommendations of the authority, and make any modification it considers appropriate.Modifications must be made in accordance with the procedural requirements ofsection 469.093.

Subd. 4. Compliance. The city council's determination that the authority has complied with the limitations imposed under this section is conclusive.

Subd. 5. Limits; security. Limits imposed under this section must not be applied in a manner that impairs the security of any bonds issued or contracts executed before the limit is imposed. The city council must not modify any limit in effect at the time any bonds or obligations are issued or contracts executed to the detriment of the holder of the bonds or obligations or any contracting party.

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Cite this article: FindLaw.com - Minnesota Statutes Local Economic Development (Ch. 466A-470) § 469.092. Limit of powers - last updated January 01, 2025 | https://codes.findlaw.com/mn/local-economic-development-ch-466a-470/mn-st-sect-469-092/

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