01-09-1995 EDA MIN - Laserfiche WebLink

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Elk River EDA Annual Meeting January 9, 1995 Page 2 EDA Loan Balances - The Executive Director provided a summary of the Elk River Economic Development Authority Micro Loans, including the original loan amount and the outstanding balance for each borrower as of December 31, 1994. The Executive Director stated that the Finance Director is recommending a change in the method in which the checks are paid and approved and the way financial records are maintained. Bill Rubin stated that the Finance Director is proposing to submit a check register for approval on a monthly basis. Bill Rubin further stated that a change would be beneficial in that both the Executive Director and the EDA Commissioners would have access to up-to-date, accurate financial information at all times. COMMISSIONER DUITSMAN MOVED TO APPROVE A CHANGE IN THE METHOD IN WHICH CHECKS ARE PAID AND APPROVED AND IN THE WAY FINANCIAL RECORDS ARE MAINTAINED; AND FURTHER, TO PURCHASE THE NECESSARY COMPUTERIZED CHECKS AND THAT THE EDA TREASURER AND PRESIDENT BE AUTHORIZED AS SIGNORS. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 6. Annual Meetina Items 6.a. Election of Officers - President Gongoll stated that. if elected, he would continue as President for one more term. He further indicated that he would prefer to see term limits on, at least, the President's position in the EDA. Discussion was held regarding the appointment of a new Economic Development Authority member and the fact that one of the existin~ Councilmembers on the EDA will be resigning. Commissioner Duitsman indicated that he will be recommending that the City Council approve the appointment of Tom Bender to the EDA. It was the consensus of the EDA to appoint the 1994 Slate of Officers for 1995. COMMISSIONER DUITSMAN NOMINATED THE FOLLOWING EDA COMMISSIONERS TO THE RESPECTIVE OFFICES FOR 1995: JEFFREY A. GONGOLL, PRESIDENT PATRICK DWYER, VICE PRESIDENT ROGER HOLMGREN, TREASURER LARRY FARBER, SECRETARY HANK DUITSMAN, ASSISTANT TREASURER COMMISSIONER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 7-0. 6.b. Appoint Executive Director COMMISSIONER GONGOLL MOVED TO APPOINT WILLIAM RUBIN AS THE EDA EXECUTIVE DIRECTOR. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 7-0.