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(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 /> 6.2) Disbursements <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 /> (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 /> (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 two <br /> designated Commissioners of the Authority, or one officer of the Authority and the <br /> Executive Director. <br /> 6.3) Ongoing Duties. The Authority shall evaluate and consider staff assignments,the status of <br /> existing Authority projects, any modifications or amendments to the "Municipal Housing <br /> and Redevelopment Act" and suggested amendments and changes to the Authority's bylaws <br /> from time to time as needed. <br /> 6.4) Official Newspaper. The official newspaper of the Authority shall be the official newspaper <br /> of the City of Elk River,unless otherwise determined by resolution of the Authority. <br /> 6.5) Official Depository. The official depository of the Authority shall be the official depository <br /> of the City of Elk River,unless otherwise determined by resolution of the Authority. <br /> Article 7 <br /> 7.1) Advisory Committees <br /> (01) The Authority shall maintain, at their discretion,volunteer advisory committees <br /> which will act in an advisory capacity to the Authority. <br /> (02) The advisory committees will include without limitation: <br /> (a) A joint EDA/HRA Finance Committee which shall consist of(i) two HRA <br /> s:Aeda\hra\bylaws.doe <br /> 516013v5 JSB EL185-13 <br />