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<br /> Pursuant to Minnesota Statutes Section 469.095, subd. 3, the board of <br />. commissioners may be increased in size. In order to increase the board's <br /> size, the Council must modify the enabling resolution. <br /> 2. Compensation and Reimbursement. Minnesota Statutes, Section <br /> 469,095, subd, 4, provides that the board of commissioners shall be <br /> compensated for attending each regular or special meeting of the <br /> Authority, The City Council shall determine the amount of compensation. <br /> The commissioners may also be reimbursed for expenses incurred when <br /> doing official Authority business, Compensation and reimbursement are to <br /> be paid from the Authority's budget. <br /> 3. Bvlaws. Rules. Seal. Pursuant to Minnesota Statutes Section 469.096, <br /> subd. I, an Authority may adopt bylaws and rules of procedure and shall <br /> adopt an official seal. Such by-laws shall be approved by the Council. <br /> 4. Officers. Pursuant to Minnesota Statutes, Section 469.096, subd. 2, an <br /> Authority shall elect a president, vice president, treasurer and secretary <br /> and an assistant treasurer. The president and vice president shall be elected <br />- annually from among the commissioners, The secretary, treasurer, and <br /> assistant treasurer do not have to be commissioners. Although a <br />- commissioner cannot serve as president and vice president concurrently, <br />:. other offices of the Authority may be held by the same commissioner. <br /> 5. Bond. Pursuant to Minnesota Statutes, Section 469.096, subd. 6, the <br />I treasurer of an Authority must give bond to the state for the faithful <br /> discharge of the treasurer's official duties, The bond must be approved by <br /> the Authority and filed with the secretary of the Authority. The amount of <br />I the bond must be for twice the amount of money likely to be on hand at <br /> any given time but not exceeding $300,000. <br />I 6. Financial Statement. Minnesota Statutes, Section 469.100, subd. 2, must <br /> admit its budget to the City Council annually. The budget is to include a <br /> detailed written estimate of the amount of money the Authority needs from <br />I the City to conduct its business during the next fiscal year. The fiscal year <br /> ofthe City Council and the Authority must be the same. <br />I 7, TllX Levy. Pursuant to Minnesota Statutes, Section 469.107, the City may <br /> levy a tax up to 0.01813 percent of taxable market value annually for the <br />I Authority. If the City Council decides to levy a tax for more than 0.01813 <br /> percent of taxable market value, a reverse referendum (including a public <br /> notice) provision applies, <br />I. 3 <br />I <br />I <br />