2024 EDA BYLAWS - Laserfiche WebLink

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Amended Res. 23-01 carry out the business of the Authority and may determine their duties, qualifications, and compensation. (01) The executive director shall have the duties and responsibilities delegated by these bylaws and as assigned by the Authority. (02) The Authority may delegate to its staff, employees, or agents such powers or duties deemed proper. 3.5) Consultants - The Authority may contract for the services of consultants as needed to perform its duties and exercise its powers. (01) The fees, if any, of all contracted agents or consultants of the Authority shall be fixed by the Authority. ARTICLE 4 – FINANCE, CONTRACTS AND OTHER DUTIES 4.1) Fiscal Year - The fiscal year of the Authority shall be the same as the fiscal year of the City. 4.2) Budget - The following budgetary proceedings shall apply to the transaction of business: (01) A budget shall be prepared by the treasurer in accordance with the Statute. The treasurer shall present the budget to the Authority each year at such time as established by the Authority, but not later than July 31. (02) The budget shall include estimated revenues, the source of revenues and an estimate of the amount of money needed from the City, the costs of projects for the ensuing year, the estimated costs for personnel, and the purposes to which money on hand is to be applied, as well as the general administrative and overhead costs estimated for the ensuing year, and a proposed levy. (03) After full consideration of the budget, the Authority shall approve and the president shall submit the budget to the city council. 4.3) Financial Statements - Must be prepared, presented, approved, and filed in accordance with Minnesota Statutes Sections 469.096 and 469.100 and other relevant statutes as amended or revised. 4.4) Contracts and Procurement (01) All construction work and work of demolition and clearing, contracts for services or for repairs, maintenance and replacements, and every purchase of equipment, supplies or materials and contracts therefore shall be in accordance with the Statute and procurement policies, if any, established by resolution of the Authority. (02) Approval of Contract by Attorney - Contracts shall be in writing and, except when deemed unnecessary by the Authority or the executive director, shall be approved as to form by the attorney for the Authority. (03) Execution of Contracts - Unless otherwise directed by the Authority, required by law or required by state or federal agencies furnishing funds to the Authority, all purchasing contracts of the Authority shall be executed on behalf of the Authority as provided by the Purchasing Policy set forth in the Financial Management Policies of the City of Elk River, as amended from time to time. Non- purchasing contracts and other instruments of the Authority shall be executed by the president or other officer if the president is unavailable and the executive director or the executive director’s delegate. 4.5) Disbursements (01) Federal Funds - All funds received from the Government of the United States or any of its agencies shall be disbursed and accounted for in accordance with the regulations or requirements 554681v2 GAF EL185-13