7.4. HRSR 01-02-2018 - Laserfiche WebLink

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