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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br /> <br />1. Establishment of Economic Development Authority <br />There is hereby established in the City of Elk River an Economic Development <br />Authority (hereinafter referred to as the "Authority"), effective upon passage by the <br />City Council of this resolution. <br /> <br /> <br /> <br /> <br />2. Commissioners <br />a. The Commissioners of the Authority shall include; four (4) members of the City <br />Council and three (3) residents of the City of Elk River who are not members of <br />the City Council. The mayor shall make all appointments to the Authority, with <br />the approval of the City Council. <br /> <br />b. The terms of the Commissioners who are members of the City Council shall <br />coincide with their term of office, unless a Commissioner resigns earlier. <br />Commissioners who are not City Council members shall serve six (6) year terms. <br /> <br />c. The Commissioners shall be compensated at the rate of One Hundred Fifty <br />Dollars ($150.00) for each full month of service. In addition, Commissioners shall <br />be reimbursed for actual expenses incurred in doing official business of the <br />Authority. <br /> <br />3. Officers <br />a. The Authority shall annually elect a president, a vice president, a treasurer, a <br />secretary, and an assistant treasurer. A Commissioner must not serve as <br />president and vice president at the same time. The offices of secretary and <br />assistant treasurer need not be held by a Commissioner. <br /> <br />b. The officers shall have the usual duties and powers of their offices, including <br />those set forth in the Statute. <br /> <br />Page 9 of 40