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(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 /> 6.3) Disbursements <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 /> (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 /> (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 /> Article 7 <br /> 7.1) Advisory Committees <br /> (01) The Authority shall maintain,at their discretion,volunteer advisory committees <br /> which will act in an advisory capacity to the Authority. <br /> (02) The advisory committees will include without limitation: <br /> (a) A joint EDA/HRA Finance Committee which shall consist of(i) two HRA <br /> Commissioners appointed by the HRA, (ii) two EDA Commissioners appointed by <br /> the EDA,and (iii) five members of the Elk River community consisting of two <br /> members of the banking profession,one member of the legal profession,one <br /> member of the real estate profession and one member of the community at large <br /> each of whom shall be approved, as needed,by the then-existing members of the <br /> Finance Committee to fill any open seat consistent with foregoing community <br /> categories; <br /> (03) All members of the advisory committees will be approved by the Authority. <br /> (04) The responsibility of the advisory committees shall be to advise and assist the <br /> � Authority and to work with the executive director of the Authority and the economic <br /> development coordinator of the city on assignments if needed. <br /> s:\eda\hra\bilaws.doc <br />