2018-08-27 EDA Packet - Laserfiche WebLink

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have the "authority to recommend, or as a member of the governing body, make major decisions regarding the expenditure or investment of public money." Based on these definitions, EDA cxccutive directors and conmiission members are subject to the gift restrictions of the Ethics in Government Act. A local official is prohibited from accepting gifts from a lobbyist or lobbyist principal including: Money, Real or personal property, A service, A loan, • A forbearance or forgiveness of indebtedness, or A promise of future employment unless the lobbyist or lobbyist principal receives consideration of equal or greater value in return. Employees,Services, and Supplies The EDA may employ an executive director, a chief engineer, other technical experts and agents, and other employees as it may require. The EDA must determine their duties, qualifications and compensation. Also, the EDA may contract for the services of consultants, agents, public accountants, and other persons needed to perform its duties and exercise its powers. The EDA may use the services of the City Attorney or hire a general counsel for its legal needs (Minn. Stat. § 469.097). (See appendix for sample job description). The EDA may utilize the City/County's purchasing department in connection with construction work and to purchase equipment, supplies and materials. The City/County may furnish offices, structures and space, stenographic, clerical, engineering and other assistance to the EDA in order for it to perform its duties and to carry out its powers. The EDA may also delegate to one or more of its agents or employees powers or duties it may deem proper. Depositories Every two years the EDA shall name a national or state bank(s) within:Minnesota as depositories for its funds. Before acting as a depository, the bank must give the EDA a bond approved as to form and surety by the EDA. The bond must state the conditions for the safekeeping and the prompt repayment of deposits. The amount of the bond must be at least equal to the maximum amount expected to be deposited at any one time. An EDA may deposit all its money from any one source in one bank account. When the EDA funds are deposited by the treasurer in a bonded depository, the treasurer and the surety on the treasurer's official bond are exempt from liability for the loss of the deposits because of the failure, bankruptcy or other act or default of the depository bank. However, an EDA may accept assignments of collateral from the depository bank to secure the deposits just as assignments of collateral are permitted by law to secure deposit of the EDA's City(Minn. Stat. § 469.099) 12