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<br /> <br />5.2) Budget - The following budgetary proceedings shall apply to the transaction of business by <br />the Authority: <br /> <br /> (01) A budget shall be prepared by the Executive Director. This budget shall be <br />presented to the Commissioners of the Authority for consideration in August of each year. <br /> <br /> (02) The budget shall include estimated revenues and the source of revenues, the costs of <br />the projects for the ensuing year, and the estimated costs for staff personnel, as well as the <br />general administrative and overhead costs estimated for the ensuing year, and a proposed <br />levy. <br /> <br /> (03) After full consideration of the budget, the Commissioners of the Authority shall <br />approve it and the Chair of the Authority shall submit the budget to the City Council not <br />later than the tenth day of September of each year. <br /> <br /> <br />Article 6 <br /> <br />Scope of Powers and Duties <br /> <br />6.1) Contracts and Procurement <br /> <br />(01) Approval of Contract by Attorney – Contracts of the Authority shall be in writing <br />and, 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 /> <br /> (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 /> <br />6.2) Disbursements <br /> <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 /> <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 /> <br />s:\\eda\\hra\\bylaws.doc <br />516013v3 JSB EL185-13 <br />