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materials and contracts therefore shall be in accordance with the Statute and procurement <br />policies,if any, established by resolution of the Authority. <br />02) Approval of Contract by Attorney—Contracts for the Authority shall be in writing and, <br />except when deemed unnecessary by the authority or the Executive Director, shall be <br />approved as to form by the attorney for the Authority. <br />03) Execution of Contracts -Unless otherwise directed by the Authority,required by law or <br />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 President, or other officer if the President is unavailable, <br />and the Executive Director, or the Executive Director's delegee. All checks issued by the <br />Authority shall be signed by the Treasurer and one other officer, as provided in Minnesota <br />Statutes,Section 469.096,Subd. 8. <br />4.5) Disbursements <br />01) Federal Funds -All funds received from the Government of the United States or any of <br />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 of the Authority shall be deposited in the name of the <br />Authority in official city depositories in accordance with Minnesota Statutes. Monies shall be <br />disbursed only by check, signed by persons designated by the Authority, except that petty <br />cash funds not exceeding at any time One Hundred Dollars ($100) may be maintained by the <br />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 <br />Treasurer and one other officer named by the Authority by resolution. <br />4.6) Records- The books and records of the Authority shall be kept at the principal office <br />of the Authority. <br />ARTICLE 5. <br />AMENDMENTS <br />5.1) Amendments-These Bylaws may be amended at any meeting of the Authority provided <br />that notice of such proposed amendment shall be given to each Commissioner and each member of <br />the governing body of the City prior to such meeting. Amendment of the Bylaws shall be in <br />accordance with the procedural and voting requirements established by these Bylaws or by <br />resolution of the Authority.