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5.b. Official Newspaper <br /> 411 <br /> COMMISSIONER DUITSMAN MOVED TO DESIGNATE THE ELK RIVER STAR NEWS <br /> AS THE OFFICIAL NEWSPAPER FOR THE ELK RIVER HRA FOR 1994. <br /> COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED <br /> 3-0. <br /> 5.c. Official Depositories <br /> COMMISSIONER DUITSMAN MOVED TO APPROVE THE SAME DEPOSITORIES <br /> USED BY THE CITY OF ELK RIVER AND THE ECONOMIC DEVELOPMENT <br /> AUTHORITY AS THE OFFICIAL DEPOSITORIES FOR HRA FUNDS IN 1994. <br /> COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED <br /> 3-0. <br /> At this time, Commissioner Toth arrived for the meeting. <br /> 6. Financial Update <br /> The HRA Commissioners reviewed a memo from Finance Director Lori Johnson. <br /> According to the memo, the HRA had a cash balance as of December 31, 1993, <br /> in excess of $116,000.00 Revenues for 1993 were approximately $54,780.00 <br /> (excluding December, 1993 interest). Expenditures for 1993 totaled $32,049.28 for <br /> the two parking lot improvements in the Central Business District. <br /> Lastly, the Finance Director indicated that it was in order to approve payment in <br /> the amount of $1,000.00 to the City of Elk River for administrative expenses during <br /> 1993. <br /> COMMISSIONER SCHULDT MOVED TO AUTHORIZE THE $1,000.00 PAYMENT TO THE <br /> CITY OF ELK RIVER. COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION <br /> CARRIED 4-0. <br /> 7. Other Business <br /> There was no other business discussed at this time. <br /> 8. Adjournment <br /> There being no further business, COMMISSIONER DUITSMAN MOVED TO ADJOURN <br /> THE HRA MEETING. COMMISSIONER SCHULDT SECONDED THE MOTION. THE <br /> MOTION CARRIED 4-0. <br /> The meeting of the Elk River Housing and Redevelopment Authority adjourned at 7:09 <br /> p.m. <br /> Respectfully submitted, <br /> 44/1"—` v4k <br /> Wi iam Rubin • <br /> Economic Development Coordinator <br />