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<br />(01)Approval of Contract by Attorney – Contracts of the Authority shall be in writing <br />and, except when deemed unnecessary by the Authority or the Executive Director, shall be <br />approved as to form by the attorney for the Authority. <br /> <br /> (02) Execution of Contracts - Unless otherwise directed by the Authority, required by law <br />or required by State or Federal agencies furnishing funds to the Authority, all purchasing <br />contracts of the Authority shall be executed on behalf of the Authority as provided by the <br />Purchasing Policy set forth in the Financial Management Policies of the City of Elk River, as <br />amended from time to time. Non-purchasing contracts and other instruments of the <br />Authority shall be executed by the Chair, or other officer if the Chair is unavailable, and the <br />executive director, or the executive director’s delegate. <br /> <br />6.3) Disbursements <br /> <br /> (01) Federal Funds - All funds received from the Government of the United States or any <br />of its agencies shall be disbursed and accounted for in accordance with the regulations or <br />requirements from time to time made by the Federal agencies furnishing said funds to the <br />Authority. <br /> <br /> (02) Official Depository - All monies received by the Authority from any source <br />whatsoever shall be deposited in approved bank accounts of the Authority and shall be <br />disbursed only by check, except that petty cash funds not exceeding One Hundred Dollars <br />($100) at any time may be maintained by the Authority. <br /> <br /> (03) Checks - All checks drawn on bank accounts of the Authority shall indicate the fund <br />and, in the case of a project, the project to be charged. All checks shall be signed by the two <br />designated Commissioners of the Authority, or one officer of the Authority and the <br />Executive Director. <br /> <br /> <br />Article 7 <br /> <br />Amendments <br /> <br />These Bylaws may be amended at any regular meeting of the Authority provided that notice of such <br />proposed amendment shall be given to each Commissioner by hand, registered, or certified mail a <br />minimum of ten (10) days prior to such meeting. Amendment of the Bylaws shall be in accordance <br />with procedural and voting requirements established by these Bylaws or by resolution of the <br />Authority. <br /> <br />nd <br />Adopted this 2 Day of February, 2015. <br /> <br /> <br /> <br />s:\eda\hra\bylaws.doc <br />