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4. Bylaws and Rules <br />a. The Authority shall adopt bylaws and rules to govern its procedures and for the <br />transaction of its business. The records of the Authority shall be a public <br />records, as provided by law. <br /> <br />b. The Authority shall adopt an official seal. <br /> <br />5. Employees <br />a. The Authority may employ an executive director and such other employees as it <br />may require, and determine their duties, qualifications, and compensation. <br /> <br />b. The Authority may contract for the services of consultants as needed to perform <br />its duties and exercise its powers. <br /> <br />c. The Authority shall use the services of the City attorney as its chief legal advisor. <br /> <br />d. The Authority may delegate to its agents or employees such powers or duties as <br />it may deem proper. <br /> <br />6. Conflict of Interest <br />Except as otherwise provided by law, a Commissioner, officer, or employee of the <br />Authority must not acquire any financial interest, direct or indirect, in any project or <br />in any property included or planned to be included in any project, nor shall the <br />person have any financial interest, direct or indirect, in any contract or proposed <br />contract for materials or services to be furnished or used in connection with any <br />project. <br /> <br />7. Powers <br />The Authority shall have all powers conferred upon Economic Development <br />Authorities by the Statute, as amended from time to time, including: <br /> <br />a. The powers of a housing and redevelopment authority under Minn. Stat. § <br />469.001 et seq.; <br /> <br />b. The powers of a City under Minn. Stat. § 469.124 et seq.; <br />Page 10 of 40