6.8 EDSR 01-21-2014 - Laserfiche WebLink

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(02) Approval of Contract by Attorney- Contracts for the Authority shall be in writing and, except when deemed unnecessary by the authority or the Executive Director,shall be approved as to form by the attorney for the Authority. (03) Execution of Contracts- Unless otherwise directed by the Authority,required by law or required by State or Federal agencies furnishing funds to the Authority,all purchasing contracts of the Authority shall be executed on behalf of the Authority as provided by the Purchasing Policy set forth in the Financial Management Policies of the City of Elk River,as amended from time to time. Non-purchasing contracts and other instruments of the Authority shall be executed by the President,or other officer if the President is unavailable, and the Executive Director,or the Executive Director's delegee. All checks issued by the Authority shall be signed by the Treasurer and one other officer,as provided in Minnesota Statutes,Section 469.096,Subd. 8. 4.5) Disbursements (01) Federal Funds - All funds received from the Government of the United States or any of its agencies shall be disbursed and accounted for in accordance with the regulations or requirements from time to time made by the Federal agencies furnishing said funds to the Authority. (02) Official Depository- All monies of the Authority shall be deposited in the name of the Authority in official city depositories in accordance with Minnesota Statutes.Monies shall be disbursed only by check,signed by persons designated by the Authority,except that petty cash funds not exceeding at any time One Hundred Dollars ($100) may be maintained by the Authority. (03) Checks- All checks drawn on bank accounts of the Authority shall indicate the fund . . and,in the case of a project,the project to be charged. All checks shall be signed by the Treasurer and one other officer named by the Authority by resolution. 4.6) _Records - The books and records of the Authority shall be kept at the principal office of the Authority. ARTICLE 5. AMENDMENTS 5.1) Amendments- These Bylaws may be amended at any meeting of the Authority provided that notice of such proposed amendment shall be given to each Commissioner and each member of the governing body of the City prior to such meeting.Amendment of the Bylaws shall be in accordance with the procedural and voting requirements established by these Bylaws or by resolution of the Authority. 5.2) Existing Projects - The Authority shall have no control nor authority over any existing economic development or redevelopment project in the City unless specifically so provided by resolution of the City Council If the City Council adopts a resolution transferring control,authority --