§ 501.113. Powers and responsibilities of City Council.

The following powers and responsibilities shall be performed by Council acting as the managing agent of the Enterprise Zone Development Agency, or, contingent upon approval by Council, such powers and responsibilities shall be performed by the Agency:

(a)

To review, process, and certify application for state enterprise zone tax incentives pursuant to F.S. §§ 212.08(5)(g), 212.05(5)(h), 212.08(15), 212.096, 220.181, and 220.182.

(b)

To provide assistance to businesses and residents within the enterprise zone.

(c)

To promote the development of the enterprise zone, including preparing, purchasing, and distributing by mail or other means of advertising, literature and other material concerning the enterprise zone and enterprise zone incentives, particularly as provided by Exhibit 1 to Ordinance 95-317-213.

(d)

To borrow money and apply for accept advances, loans; grants, contributions, and any other form of financial assistance from the federal government or the state, County, or other public body or from any sources, public or private, for the purposes of this act, and to give such security as may be required and to enter into and carry out contracts or agreements in connection therewith; and to include in any contract for financial assistance with the federal government for or with respect to the development of the enterprise zone and related activities such conditions imposed pursuant to federal laws as Council deems reasonable and appropriate which are not inconsistent with the purposes of this Section.

(e)

To appropriate such funds and make such expenditures as are necessary to carry out the purposes of this act.

(f)

To make and execute contracts and other instruments necessary or convenient to the exercise of its powers under this Chapter.

(g)

To procure insurance or require bond against any loss in connection with its property in such amount and from such insurers as may be necessary or desirable.

(h)

To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be authorized by F.S. Ch. 290.

(i)

To purchase, sell, or hold stock, evidences of indebtedness, and other capital participation instruments.

(Ord. No. 2001-1099-E, § 2)