EDA Packet 01-20-2026 - Laserfiche WebLink

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Amended Res. 23-01 Amended January 2024 (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 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 Page 20 of 40