5.7 PCSR 09-27-1994 - Laserfiche WebLink

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w bodies is authorized to enter into contracts . The statute prohibits these persons from being paid employees of the City, entering into any contract with the City, holding stock in a • corporation which enters into a contract with the City, or being a subcontractor under a contract with the City. In addition to Minnesota Statutes Section 471 . 87, the City Council Members are also subject to Minnesota Statutes Section 412 . 311, which provides that, "no member of a City Council shall be directly or indirectly interested in any contract made by the Council . " This provision is somewhat broader than that in Section 471. 87, and requires that City Council Members be particularly circumspect about conflict of interest situations regarding contracts . Minnesota Statutes Section 471 . 88 sets forth some exceptions to Section 471 . 87, and authorizes the City Council, by unanimous vote, to contract for goods or services with one of its interested officials under certain circumstances , including: 1 . The designation of a bank or savings association as an authorized depository for public funds and as a source of borrowing. However, the official who has an interest in the bank or savings association must disclose that interest when the bank or savings association is first designated, or when the official is elected, and that disclosure must be entered in the minutes of the City Council . • 2 . The designation of an official newspaper or the publication of official matters in the newspaper, when the newspaper is the only one complying with statutory requirements for designating the official newspaper. 3 . A contract with a cooperative association of which the official is a shareholder or stockholder but not an officer or director. 4 . A contract for which competitive bids are not required. The League of Cities has interpreted this provision as meaning a contract under the competitive bidding threshold of Minnesota Statutes Section 471 . 345 ($25, 000) . 5 . A contract with a Volunteer Fire Department for the payment of compensation to its members or for the payment of retirement benefits to members . 6 . When an EDA Commissioner is employed by a bank engaged in making loans or performing trust services involving V'''a'!`'a"' real or personal property affected by any plan of the EDA if the Commissioner discloses the nature of the loans or trust services of which the Commissioner has personal knowledge, which disclosure shall be entered • "''• into the minutes of the EDA. 2 . fir:. £i 'd ££ :SI 1,66T 'ZI '60 29Z£968-ZI9 N3890NI1 Alba NWWddOH NI)I21tl1 WO8J