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01) The Executive Director shall have the duties and responsibilities delegated by these <br />bylaws and as assigned by the Authority. <br />02) The Authority may delegate to its staff, employees, or agents such powers or duties as it <br />may deem proper. <br />3.5)Consultants -The Authority may contract for the services of consultants as needed to <br />perform its duties and exercise its powers. <br />01) The fees,if any,of all contracted agents or consultants of the Authority shall be fixed by <br />the Board of Commissioners. <br />02) The Authority shall use the services of the City Attorney as its chief legal advisor. <br />ARTICLE 4. <br />FINANCE AND CONTRACTS <br />4.1) Fiscal Year - The fiscal year of the Authority shall be the same as the fiscal year of the <br />City. <br />4.2) Budget - The following budgetary proceedings shall apply to the transaction of business <br />by the Authority: <br />01)A budget shall be prepared by the Treasurer in accordance with the Statute. The <br />Treasurer shall present the budget to the Commissioners of the Authority for consideration <br />each year at such time as established by the Authority. <br />02)The budget shall include estimated revenues, the source of revenues and an estimate of <br />the amount of money needed from the City,the costs of projects for the ensuing year,the <br />estimated costs for staff personnel,and the purposes to which money on hand is to be <br />applied,as well as the general administrative and overhead costs estimated for the ensuing <br />year, and a proposed levy. <br />03) After full consideration of the budget, the Commissioners of the Authority shall <br />approve it and the President of the Authority shall submit the budget to the City Council. <br />4.3) Financial Statements - Financial statements of the Authority must be prepared, <br />presented,approved,and filed in accordance with Minnesota.Statutes Sections 469.097 and 469.100 <br />and other relevant statutes as amended or revised. <br />4.4) Contracts and Procurement <br />01)All construction work and work of demolition and clearing,contracts for services or for <br />repairs, maintenance and replacements,and every purchase of equipment, supplies or