EDA BYLAWS ADOPTED 01-17-2023 - Laserfiche WebLink

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Last Amended by EDA Res. 23-01 from time to time made by the federal agencies furnishing said funds to the Authority. (02) Official Depository - All monies of the Authority shall be deposited in the name of the Authority in official city depositories in accordance with Minnesota Statutes. Monies shall be disbursed only by check, signed by persons designated by the Authority, except that petty cash funds not exceeding at any time One Hundred Dollars ($100) may be maintained by the Authority. (03) Checks - All checks drawn on bank accounts of the Authority shall indicate the fund and, in the case of a project, the project to be charged. All checks shall be signed by the treasurer and the president. In accordance with Minnesota law, the treasurer has delegated the duty of signing checks to the assistant treasurer. 4.6) Records - The books and records of the Authority shall be kept at the Principal Office. 4.7) Ongoing Duties. The Authority shall evaluate and consider staff assignments, the status of existing Authority projects, any modifications or amendments to Minnesota Statutes, Sections 469.090 - 469.1081 and suggested amendments and changes to the Authority's bylaws from time to time as needed. 4.8) Official Newspaper. The official newspaper of the Authority shall be the official newspaper of the City of Elk River, unless otherwise determined by resolution of the Authority. ARTICLE 5 — AMENDMENTS AND COMMITTEES 5.1) Amendments - These bylaws may be amended at any meeting of the Authority provided that notice of such proposed amendment shall be given to each commissioner and each member of the governing body of the City prior to such meeting. Amendment of the bylaws shall be in accordance with the procedural and voting requirements established by these bylaws or by resolution of the Authority. 5.2) Existing Projects - The Authority shall have no control or authority over any existing economic development or redevelopment project in the City unless specifically so provided by resolution of the City council. If the city council adopts a resolution transferring control, authority and operation of any existing project to the Authority, the Authority shall accept control, authority, and operation of the project. When taking control of an existing project the Authority may exercise all for the powers that the governmental unit established in the project could exercise with respect to the project and shall covenant and pledge to perform the terms, conditions, and covenants of any bond indentures or other agreements executed with respect to the project. 5.3) Advisory Committees - The Authority shall maintain, at their discretion, volunteer advisory committees which will act in an advisory capacity to the Authority. (01) The advisory committees will include without limitation: (a) joint Finance Committee - A joint Finance Committee of the Authority and Housing and Redevelopment Authority (HRA) to provide input and advice to the Authority, HRA, and City Council. Composition of the committee shall be comprised of (i) two HRA Commissioners appointed by the HRA, (ii) two Authority Commissioners appointed by the Authority, and (iii) up to five at -large members with a residential or business connection to the Elk River community. When possible, appointment of at -large members should give preference to professional representation such that there are two members of the banking profession, one member of the legal profession, one member of the real estate profession and one member of the community at large, each of whom shall be appointed, as needed, by the then -existing members of the Finance Committee to fill any vacancy consistent with foregoing community categories. The professional distinction or expertise of a HRA or Authority Commissioner need not be a factor in considering satisfaction of the professional representation of at -large members. 554681v2 GAF EL185-13