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<br />CASS COUNTY <br />COMMISSION POLICY MANUAL <br /> <br />38.20 <br /> <br />SUBJECT: ORDINANCE #2008-1 (ECONOMIC GROWTH PLAN SALES TAX) <br /> <br />ADOPTED DATE: <br /> <br />PAGE 3 OF 4 <br /> <br />use of the Funds. No other entity, including the GIF (defined below) and the <br />Cass County Board of Commissioners, shall have the right or option to propose <br />or direct expenditures or other use of the Funds. The EDC may not assign or <br />transfer its obligations or rights under the Governance Rules without the approval <br />of the Cass County Board of Commissioners. In the event that the EDC shall <br />cease its existence, the Cass County Board of Commissioners shall appoint a <br />replacement entity or organization. <br /> <br />b. The EDC, acting through its Executive Committee, shall first present the <br />Proposal to the Growth Initiative Fund, a non-profit corporation organized and <br />existing under North Dakota law and located in Fargo, North Dakota (the "GIF"). <br /> <br />c. Upon receipt of a Proposal from the EDC, the Board of GIF shall act within a <br />reasonable period of time to approve or reject the Proposal in accordance with <br />the GIF bylaws and other policies. In the event that the GIF shall cease its <br />existence, the Cass County Board of Commissioners shall appoint a replacement <br />entity or organization. <br /> <br />d. If the GIF shall approve the Proposal, the EDC shall within a reasonable period <br />of time present the Proposal to the Cass County Board of Commissioners and <br />request the approval of the Proposal. The Cass County Board of <br />Commissioners, consistent with its rules and procedures, shall act within a <br />reasonable period of time to reject or approve the Proposal. <br /> <br />e. If the Cass County Board of Commissioners shall approve the Proposal, the GIF <br />may immediately take such actions as are consistent with the Proposal, including <br />the expenditure and investment of the Funds without further approval or consent <br />by the Cass County Board of Commissioners. <br /> <br />f. If a Proposal is rejected by the GIF or the Cass County Board of Commissioners, <br />the EDC may abandon, revise or resubmit the Proposal at such time or times as <br />the EDC may determine. <br /> <br />g. The Funds may not be used for the costs of operations of the EDC or the GIF. <br /> <br />h. Any assets to be owned as a result or part of the expenditures of the Funds shall <br />become the assets of the GIF. <br /> <br />i. The Funds may be used to manage any assets that arise as a result of the <br />expenditures of the Funds, including the payment of any reasonable and <br />necessary expenses. <br />