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Amended 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 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. ARTICLE 6 – COMMITTEES 6.1) Committees – The Authority may establish and maintain committees to advise and enhance the work of the Authority and to work with the executive director of the Authority and City staff on assignments if needed. Composition of any committee may include Authority Commissioners, members at-large, or any combination of membership as the Authority finds suitable. 6.2) Establishment of Committees – Committees established for the purpose of a specific task or initiative may be created by motion specifying the name and purpose of the committee, the composition of membership, expected duration, and other direction the Authority finds necessary. Appointments to a committee shall be by motion of the Authority unless otherwise stated. 6.3) Standing Committees – Committees which are expected to provide continual support and advice to the Authority may be established and articulated through these bylaws as standing committees. The Authority has established the following standing committees, as amended: 554681v2 GAF EL185-13