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(01)The Executive Director shall have the duties and responsibilities delegated by these <br /> bylaws and as assigned by the Authority. <br /> (02)The Authority may delegate to its staff, employees, or agents such powers or duties as it <br /> may deem proper. <br /> 3.5) Consultants -The Authority may contract for the services of consultants as needed to <br /> perform its duties and exercise its powers. <br /> (01)The fees,if any,of all contracted agents or consultants of the Authority shall be fixed by <br /> the Board of Commissioners. <br /> (02)The Authority shall use the services of the City Attorney as its chief legal advisor. <br /> ARTICLE 4. <br /> FINANCE AND CONTRACTS <br /> 4.1) Fiscal Year - The fiscal year of the Authority shall be the same as the fiscal year of the <br /> City. <br /> 4.2) Budget - The following budgetary proceedings shall apply to the transaction of business <br /> by the Authority: <br /> (01)A budget shall be prepared by the Treasurer in accordance with the Statute.The <br /> Treasurer shall present the budget to the Commissioners of the Authority for consideration <br /> each year at such time as established by the Authority. <br /> (02)The budget shall include estimated revenues,the source of revenues and an estimate of <br /> the amount of money needed from the City, the costs of projects for the ensuing year,the <br /> estimated costs for staff personnel,and the purposes to which money on hand is to be <br /> applied,as well as the general administrative and overhead costs estimated for the ensuing <br /> year,and a proposed levy. <br /> (03) After full consideration of the budget,the Commissioners of the Authority shall <br /> approve it and the President of the Authority shall submit the budget to the City Council. <br /> 4.3) Financial Statements,-Financial statements of the Authority must be prepared, <br /> presented,approved,and filed in accordance with Minnesota Statutes Sections 469.097 and 469.100 <br /> and other relevant statutes as amended or revised. <br /> 4.4) Contracts and Procurement <br /> (01) All construction work and work of demolition and clearing,contracts for services or for <br /> repairs,maintenance and replacements,and every purchase of equipment,supplies or <br />