CCP 12-21-1995 - Laserfiche WebLink

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. ~ . .. 2. Compensation and Reimbursement. Minnesota Statutes, Section 469.095, subd. 4, provides that the board of commissioneTs shall be compensated for attending . each regular or special meeting of the Authority. The City Council shall determine the amount of compensation. The commissioners may also be reimbursed for - expenses incurred when doing official Authority business. Compensation and . reimbursement are to be paid from the Authority's budget. 3. Bylaws. Rules. Seal. Pursuant to Minnesota Statutes Section 469.096, subd. I, an . Authority may adopt bylaws and rules of procedure and shall adopt an official seal. Such by-laws shall be approved by the Council. . 4. Officers. Pursuant to Minnesota Statutes, Section 469.096, subd. 2, an Authority shall elect a president, vice president, treasurer and secretary and an assistant . treasurer. The president and vice president shall be elected annually from among the commissioners. The secretary, treasurer, 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. 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 469.100, subd. 2, must admit 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 I Authority must be the same. 7. Tax Levv. Pursuant to Minnesota Statutes, Section 469.107, the City may levy a tax up to 0.01813 percent of taxable market value annually for the Authority. If - . the City Council decides to levy a tax for more than 0.01813 percent of taxable market value, a reverse referendum (including a public notice) provision applies. . III. Procedures Relating to the Transfer of Authoritv or Establishment of an Economic Development District. . A. Transfer of Authority. Minnesota Statutes, Sections 469.094 allows the City to divide any 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. .