7.5 HRSR 02-01-2016 - Laserfiche WebLink

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4 (02) 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 Chair,or other officer if the Chair is unavailable, and the executive director, or the executive director's delegee. 6.3) 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 received by the Authority from any source whatsoever shall be deposited in approved bank accounts of the Authority and shall be disbursed only by check,except that petty cash funds not exceeding One Hundred Dollars ($100) at any time 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 two designated Commissioners of the Authority,or one officer of the Authority and the Executive Director. ARTICLE 7. AMENDMENTS These Bylaws may be amended at any regular meeting of the Authority provided that notice of such proposed amendment shall be given to each Commissioner by hand,registered,or certified mail a minimum of ten (10) days prior to such meeting. Amendment of the Bylaws shall be in accordance with procedural and voting requirements established by these Bylaws or by resolution of the Authority. Adopted this 2nd Day of February,2015. ix