Agenda - Economic Development Authority - 04/05/2000

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469.095 ECONOMIC DEVELOPMENT 1026 to be determined by the city council. In addition to receiving pay for meetings, the commis- sioners may be reimbursed for actual expenses incurred in doing official business of the au- thority. All money paid for compensation or reimbursement must be paid out of the author- ity's budget. Subd. 5. Removal for cause. A commissioner may be removed by the city council for inefficiency, neglect of duty, or misconduct in office. A commissioner shall be removed only after a hearing. A copy of the charges must be given to the commissioner at least ten days before the hearing. The commissioner must be given an opportunity to be heard in person or by counsel at the heating. When written charges have been submitted against a commission- er, the city council may temporarily suspend the commissioner. If the city council finds that those charges have not been substantiated, the commissioner shall be immediately rein- stated. If a commissioner is removed, a record of the proceedings, together with the charges and findings, shall be filed in the office of the city clerk. History: 1987 c 291 s 96 469.096 OFFICERS; DUTIES; ORGANIZATIONAL MATTERS. Subdivision 1. Bylaws, rules, seal. An authority may adopt bylaws and rules of proce- dure and shall adopt an official seal. Subd. 2. Officers. An authority shall elect a president, a vice-president, a treasurer, a secretary, and an assistant treasurer. The authority shall elect the president, treasurer, and sec- retary annually. A commissioner must not serve as president and vice-president at the same time. The other offices may be held by the same commissioner. The offices of secretary and assistant treasurer need not be held by a commissioner. Subd. 3. Duties and powers. The officers have the usual duties and powers of their of- rices. They may be given other duties and powers by the authority. Subd. 4. Treasurer's duties. The treasurer: (1) shall receive and is responsible for authority money; (2) is responsible for the acts of the assistant treasurer; (3) shall disburse authority money by check only; (4) shall keep an account of the source of all receipts, and the nature, purpose, and au- thority of all disbursements; and (5) shall file the authority's detailed financial statement with its secretary at least once a year at times set by the authority. Subd. 5. Assistant treasurer. The assistant treasurer has the powers and duties of the treasurer if the treasurer is absent or disabled. -' -- Subd. 6. Treasurer's bond. The treasurer shall give bond to the state conditioned fo~ the faithful .discharge of official duties. The bond must be approved as to form and surety by the authority and filed with the secretary. The bond must be for twice the amount of money likely to be on hand at any one time, as determined at least annually by the authority provided that the bond must not exceed $300,000. Subd. 7. Public money. Authority money is public money. Subd. 8. Checks. An authority check must be signed by the treasurer and one othei' offi- cer named by the authority in a resolution. The check must state the name of the payee and the nature of the claim that the check is issued for. Subd. 9. Financial statement. The authority's detailed financial statement must show all receipts and disbursements, their nature, the money on hand, the purposes to which the money on hand is to be applied, the authofity's credits and assets, and its outstanding liabili- ties in a form required for the city's financial statements. The authority shall examine the statement together with the treasurer's vouchers. If the authority finds that the statement and vouchers are correct, it shall approve them by resolution and enter the resolution in its re- cords. History: 1987 c 291 s 97 1027 ~' 469.097 EMPL¢ Subdivision exe. cutive director as It may require, Subd. 2. Con !ants, agents, publi ~ts powers. Subd. 3. Lega general counsel fo,~ authority, is its chi Subd. 4. Sup/ carry out sections. Subd. 5. City department in eom materials. Subd. 6. City 1 stenographic, cleric Subd. 7. Deleg employees powers, History: 1987 469.098 CONFLIt Except as auth, thority must not acqt erty included or plan interest, direct or in, furnished or used in History: 1987 469.099 DEPOSIT. Subdivision 1.1' banks within the stat, the authority a bond a' tioned for the s~,fekee least equal to the ma: Subd. 2. One ba one bank account Sub& 3. Defauh bonded depository, th from liability for the 1 default of the deposit~ its depository to secur, cure deposits of the at History: 1987 c 469.100 OBLIGATI, Subdivision 1. Ta special assessment, ex, credit of the state or th, ligation enforceable or · Subd. 2. Budget t~ the city, an authority sh tailed written estimate r to do authority busines: excess of any expected