02-19-2008 - Laserfiche WebLink

Commission Minutes-February 19, 2008 3325 5. Until expenditures are made pursuant to the Growth Plan, the sales tax receipts shall be placed and segregated in a separate account or accounts owned and maintained (the "Growth Plan Accounts"). The interest earned off the Growth Plan Accounts shall be used for the same purposes as the sales tax funds under the Growth Plan. In the event that expenditures of the sales tax funds generate income or other gains, the cash proceeds of such income or other gains shall be deposited in the Growth Plan Accounts and shall be used for the purposes outlined in the Growth Plan. (The sales tax funds, any interest earned on such funds, any proceeds from the sales or other debt instruments, and any income or other gains are collectively referred to as the "Funds"). 6. No expenditures of the Funds shall be made until and unless each of the following conditions and requirements are satisfied and completed (the "Sales Tax Revenue Governance Rules"): a. The EDC shall be solely responsible for investigating, designing, and proposing all expenditures of the Funds under the Growth Plan. If the EDC shall propose to make an expenditure of the Funds, such proposal (the "Proposal") shall be in writing and shall contain a reasonably detailed description of the proposed expenditure of the Funds, including the following: (i) the amount of the Funds to be used; (ii) how the use of the Funds will further the purpose and intent of the Growth Plan, and (iii) the expected economic development outcomes from the use of the Funds. No other entity, including the GIF (defined below) and the Cass County Board of Commissioners, shall have the right or option to propose or direct expenditures or other use of the Funds. The EDC may not assign or transfer its obligations or rights under the Governance Rules without the approval of the Cass County Board of Commissioners. In the event that the EDC shall cease its existence, the Cass County Board of Commissioners shall appoint a replacement entity or organization. b. The EDC, acting through its Executive Committee, shall first present the Proposal to the Growth Initiative Fund, a non-profit corporation organized and existing under North Dakota law and located in Fargo, North Dakota (the "GIF"). c. Upon receipt of a Proposal from the EDC, the Board of GIF shall act within a reasonable period of time to approve or reject the Proposal in accordance with the GIF bylaws and other policies. In the event that the GIF shall cease its existence, the Cass County Board of Commissioners shall appoint a replacement entity or organization. d. If the GIF shall approve the Proposal, the EDC shall within a reasonable period of time present the Proposal to Cass County Commission and request the approval of the Proposal. The Cass County Board of Commissioners, consistent with its rules and procedures, shall act within a reasonable period of time to reject or approve the Proposal.