Agenda - Council - 09/13/1988 - Laserfiche WebLink

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III. 3. Bylaws~ Rules? Seal. Pursuant to Minnesota Statutes, Section 469.096, subd. 1, an Authority may adopt b~laws and rules of procedure and shall adopt an official seal. 4. Officers. Pursuant to Minnesota Statutes., Section 469.096, subd. 2, an Authority shall elect a president, vice president, treasurer, secretary and an assistant treasurer. The president, treasurer and secretary shall be elected annually. The secretary and assistant treasurer do not have to be commissioners. Although a commissioner cannot serve as president and vice president concurrently, other offices of the Authority may be held by the same commissioner. 5. Treasurer's Bond. Pursuant to Minnesota Statutes., Section 469.096, subd. 6, the treasurer of an Authority must give bond to the state for the faithful discharge of the treasurer's official duties. The bond must be approved by the Authority and filed with the secretary of the Authority. The amount of the bond must be for twice the amount of money likely to be on hand at any given time but not exceeding $300,000. 6. Financial Statement. Minnesota Statutes, Section 469.096, subd. 9, requires that the financial statement of the Authority must be approved by the Authority by resolution. 7. Budget. The Authority, pursuant to Minnesota Statutes., Section 469.100, subd. 2, must submit its budget to the city council annually. The budget is to include a detailed written estimate of the amount of money the Authority needs from the city to conduct its business during the next fiscal year. The fiscal year of the city council and the Authority must be the same. 8. Tax Levy. Pursuant to Minnesota Statutes, Section 469.107, the city may levy a tax up to 0.75 mills annually for the Authority. The tax is outside the city's levy limits. If the city council decides to levy a tax for more than 0.75 mills, a reverse referendum (including a public notice) provision applies. Procedures Relating to the Transfer of Authority or Establishment of an Economic Development District. A. Transfer of Authority. Minnesota StatuteS., Section 469.094 allows the city to divide an{~ of the powers granted under Sections 469.001 to 469.047 and 469.090 to 469.108, relating to economic development, housing and redevelopment, between the economic development authority and any other authority. An ordinance, passed by the city council, allows the powers to be divided among the authorities. Also, the city may, by resolution, transfer the control, authority and operation of any project as defined in Minnesota Statutes, Section 469.174, subd. 8 or any program or project which is authorized by Sections 469.001 to 469.047 or Sections 469.124 to 469.134 to the