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BYLAWS <br />OF <br />THE ECONOMIC DEVELOPMENT AUTHORITY <br />FOR THE CITY OF ELK RIVER, MINNESOTA <br />PREAMBLE <br />The Economic Development Authority for the City of Elk River (the Authority) was created by <br />Resolution No. 87-63 of the City Council of the City of Elk River, adopted on the 7th day of <br />October, 1987,as authorized by Minnesota Statutes, Sections 469.090-469.108. The purpose of the <br />Authority is to serve as an Economic Development Authority pursuant to Minnesota Statutes and <br />its affairs shall include,but not be limited to,promoting commercial and industrial growth and <br />development in the City of Elk River. <br />ARTICLE I. <br />AUTHORITY <br />1.1) Name-The legal name of the Authority is "The Economic Development Authority for <br />the City of Elk River." <br />1.2) Office - The principal office of the Authority shall be the City Offices of the City of <br />Elk River,unless otherwise determined by resolution of the Authority. <br />1.3) Enabling Authority -The Authority shall exist and operate under the supervision of <br />the City of Elk River,Minnesota (the City),in accordance with Minnesota Statutes Sections <br />469.090 through 469.108 as amended and revised (the Statute) and Resolution No. 87-63 of the <br />City Council of the City of Elk River (the Enabling Resolution), as amended from time to time. <br />1.4) General Powers and Duties -The Authority shall be a public body corporate and politic <br />and shall have all the powers necessary or convenient to carry out the purposes of an economic <br />development authority,including the powers granted by the Statute. <br />ARTICLE 2. <br />MEETINGS <br />2.1) Open to the Public-All meetings of the Authority shall be open to the Public and <br />governed by the Minnesota Open Meeting Law, Minn. Stat. Section 471.705. <br />2:2) Quorum - A majority of the Commissioners in office at any time shall constitute a <br />quorum for all purposes. There shall be a quorum to conduct business at all meetings of the <br />Authority. If a quorum is not present for the Annual Meeting those present shall adjourn the <br />meeting and the Executive Director shall establish a date for a new annual meeting and cause notice <br />to be given as provided in section 2.5(02) of this Article. If a quorum is not present at any regular or <br />special meeting of the Authority, those present shall adjourn the meeting to the next regular