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BY-LAWS OF THE RAMSEY ECONOMIC <br />DEVELOPMENT AUTHORITY <br /> <br />ARTICLE I - THE AUTHORITY <br /> <br /> Section 1. Name of Authority. The name of the Authority shall be the <br />"Ramsey Economic Development Authority" (which may sometimes be referred to as the <br />"EDA" or the "Authority"), and its governing body shall be called the Board of <br />Commissioners (the "Board"). The Board shall be the body responsible for the general <br />governance of the Authority and shall conduct its official business at meetings thereof. <br /> <br /> Section 2. Seal of Authority. The Authority shall have an official seal, as <br />required by Minnesota Statutes, Section 469.096, Subdivision 1. <br /> <br /> Section 3. Office of Authority. The offices of the Authority shall be the <br />Senior Citizens' Center. <br /> <br />ARTICLE II - OFFICERS <br /> <br /> Section 1. Officers. The officers of the Authority shall be a President, a <br />Vice-President, a Treasurer, an Assistant Treasurer and a Secretary. The President, the <br />Vice-President and the Treasurer shall be members of the Board and shall be elected <br />annually, and no Commissioner may be both President and Vice-President <br />simultaneously. <br /> <br /> Section 2. President. The President shall preside at alt meetings of the <br />Board. Except as otherwise authorized by resolution of the Board, the President and the <br />Secretary (the Vice-President, in the Secretary's absence or incapacity) shall sign all <br />contracts, deeds, and other instruments made or executed by the Authority, except that all <br />checks of the Authority shall be signed by the Treasurer and Assistant Treasurer. At each <br />meeting the President shall submit such recommendations and information as he or she <br />may consider proper concerning the business, affairs and policies of the Authority. <br /> <br /> Section 3. Vige-President. The Vice-President shall perform the duties of the <br />President in the absence or incapacity of the President and, in case of the resignation or <br />death of the President, the Vice-President shall perform such duties as are imposed on the <br />President until such time as the Board shall select a new President. <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br /> <br />I <br /> <br /> Section 4. Secretary. The Secretary shall keep minutes of all meetings of the <br />Board and shall maintain all records of the Authority. The Secretary shall also have such <br />additional duties and responsibilities as the Board may from time to time and by <br />resolution prescribe. <br /> <br /> Section 5. Treasurer. The Treasurer shall have the care and custody of all <br />funds of the Authority and shall deposit the same in the name of the Authority in such <br />bank or banks as the Board may select. The Treasurer and Assistant Treasurer shall sign <br />all orders and checks for the payment of money and shall pay out and disburse such <br />moneys under the direction of the Board. The Treasurer shall keep regular books of <br />accounts showing receipts and expenditures and shall render to the Board, at least <br />annually (or more often when requested), an account of such transactions and also of the <br />financial condition of the Authority. The Assistant Treasurer shall act as the Treasurer's <br />agent and assistant to perform the above-described duties, subject to the Treasurer's <br />approval thereof. <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br /> <br /> <br />