1.First reading-economic growth sales tax ordinance

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 the Cass County Board of Commissioners 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. e. If the Cass County Board of Commissioners shall approve the Proposal, the GIF may immediately take such actions as are consistent with the Proposal, including the expenditure and investment of the Funds without further approval or consent by the Cass County Board of Commissioners. f. If a Proposal is rejected by the GIF or the Cass County Board of Commissioners, the EDC may abandon, revise or resubmit the Proposal at such time or times as the EDC may determine. g. The Funds may not be used for the costs of operations of the EDC or the GIF. h. Any assets to be owned as a result or part of the expenditures of the Funds shall become the assets ofthe GIF. 1. The Funds may be used to manage any assets that arise as a result of the expenditures of the Funds, including the payment of any reasonable and necessary expenses.