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Section 5. Conflict of Interest. <br />5.01 Except as authorized by Minnesota Statutes Section 471.88, a <br />Board Member, officer, or employee of the Sherburne County <br />E.D.A. shall not possess or acquire any financial interest, direct or <br />indirect, in any project or in any property, included or planned to <br />be included, in any project; nor shall the person have any financial <br />interest, direct or indirect, in any contract or proposed contract for <br />materials or services to be furnished or used in connection with <br />any prof ect. <br />5.02 Any Board Member, officer, or employee who has or may have an <br />actual or perceived conflict of interest in any project or contract for <br />services in support of any project shall immediately report the <br />conflict of interest to the full E.D.A. Board. Failure to disclose any <br />conflict of interest shall constitute misconduct. <br />5.03 Any Board Member with a conflict of interest in any project, or in <br />any contract for services in support of any project, is required to <br />abstain from voting on all actions of the E.D.A. in connection with <br />the project. <br />Section 6. Financial Reports. <br />6.01 The E.D.A. Board shall prepare and approve monthly financial <br />reports, which shall include all income, expenditures, and claims of <br />the Authority. <br />6.02 The E.D.A. must submit an annual financial statement to the <br />Sherburne County Board of Commissioners, due on or before the <br />1St day of the month of June of each and every year. <br />6.03 The financial reports and statements of the E.D.A. must be <br />prepared, audited, filed, and published or posted, in the manner <br />required for the financial statements of all other County <br />departments. <br />6.04 The financial reports and statements of the E.D.A. are subject to <br />audit by the Sherburne County Auditor and / or the Minnesota <br />State Auditor. <br />Section 7. Staffing. <br />7.01 The Authority may use the County's purchasing resources in <br />connection with construction work, or to purchase equipment, <br />supplies and materials. <br />061218 Sherburne County E.D.A. Enabling Resolution Page 5 of 7 <br />