(A) Pursuant to the EDA Act, the Council hereby establishes an economic development authority for the city, to be known as the Hector Economic Development Authority (the “EDA”). The EDA shall be governed by a Board of Commissioners thereof consisting of seven members, at least two of whom must be members of the Council, and the term of each such Commissioner of the EDA that is a City Council member shall coincide with that Commissioner’s membership on the City Council.
(B) This resolution ratifies all prior actions taken by the Council with respect to the EDA, including, without limitation, the Council’s adoption of ordinance 188 on August 9, 1994, but this resolution also amends and restates any and all prior enabling resolutions of the Council respecting the EDA, including the ordinance.
(C) Furthermore, to the extent of any inconsistency or contradiction between the terms hereof and the terms of any by-laws adopted or other actions taken by the EDA Board of Commissioners (and notwithstanding any contrary limitation imposed on the EDA therein with respect to the full exercise of its statutory powers hereby conferred), the provisions hereof shall apply, govern, and be fully effective. The EDA’s exercise of any power to issue bonds or other indebtedness or to levy taxes shall be contingent upon prior Council approval.
(Prior Code, § 32.091) (Ord. 188, passed 8-9-1994; Res. 97-07, passed 7-7-1997)