INFORMATION #2 EDSR 08-11-2008 - Laserfiche WebLink

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regulations or requirements from time to time made by the Federal agencies furnishing said funds to the Authority. b. Official Depository - The Authority may use the designated County financial institution for all financial deposits. All monies of the Authority shall be deposited in the name of the Authority in official County 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 ($ l00) may be maintained by the Authority. c. Checks - A11 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 one (l) other Officer named by the Authority by resolution. 4.7 Records -The books and records of the Authority shall be kept at the principal office of the Authority. 4.8 Insurance -The Authority, as a separate legal entity, shall purchase and maintain at all times a liability insurance policy in an amount sufficient, under all reasonable standards, to adequately insure and protect the Authority from all claims and liabilities arising from the execution of its appointed. duties and responsibilities. The Policy will name the Authority as the primary insured and the County of Sherburne, and its officers, agents and employees, as additional insureds. Proof of liability insurance must be presented to the Sherburne County Board of Commissioners as part of the Authority's annual financial statement. ARTICLE 5. AMENDMENTS 5.1 Amendments -These Bylaws may be amended at any meeting of the Authority provided that notice of such proposed amendments shall be given to each Board Member and each County Board Commissioner 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 neither control nor authority over any existing economic development or redevelopment project in the County unless specifically so provided by resolution of the Sherburne County Board of Commissioners. If the County Board 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 of the powers that the govenvnental unit established in the project could exercise with respect to the project and shall covenant and pledge to perform the terms, 06/7/8 Sherburne (rn~nri• F_ D A Bylnws Pnge 7 oJ8