The actions of the Authority shall be limited as follows:
(A) 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 are not necessary for the successful operation of the Authority to the debt service funds of the city to be used solely to reduce tax levies for bonded indebtedness of the city;
(B) The sale of general obligation bonds or obligations issued by the Authority shall be approved by the City Council before issuance;
(C) The Authority shall follow the budget process for city departments as provided by the city and as implemented by the City Council and Mayor;
(D) 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.
(Res. 17-89, passed 4-26-89)