3A, Economic Development Authority (EDA) By-Laws

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-4- Section 4.4. Financial Statements. 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 Authority's credits and assets, and its outstanding liabilities 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 records. Section 4.5. Report to City. The Authority shall annually make a report to the City Council giving a detailed account of its activities and of its receipts and expenditures for the preceding calendar year. Section 4.6. Budget to City. The City shall annually send its budget to the City Council which budget includes a written estimate of the amount of money needed by the authority from the City in order for the Authority to conduct business during the upcoming fiscal year. Section 4.7. Employees. The Authority may employ an executive director, a chief engineer, technical experts and agents and other employees as it may require and determine their duties, qualifications and compensations. Section 4.8. Services. The Authority may contract for the services of consultants, agents, public accounts and others as needed to perform its duties and to exercise its powers. The Authority may also use the services of the City Attorney or hire a general counsel, as determined by the Authority. Section 4.9. Supplies, Purchasing, Facilities, and Services. The Authority shall purchase such supplies and materials as it needs. The City may furnish offices, structures and space, stenographic, clerical, engineering and other assistance to the Authority. Section 4.10. Execution of Contracts. All contracts, notes, and other written agreements or instruments to which the Authority is a part or signatory or by which the Authority may be bound shall be executed by the President, Secretary, and/or the Executive Director or by such other Commissioners or Officers of the Authority as the Board may by resolution prescribe.