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2018-08-27 EDA Packet
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2018-08-27 EDA Packet
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I MINNESOTA STATUTES 2017 469.096 <br /> 469.096 OFFICERS; DUTIES; ORGANIZATIONAL MATTERS. <br /> Subdivision 1. Bylaws, rules, seal.An authority may adopt bylaws and rules of procedure and shall <br /> adopt an official seal. <br /> Subd. 2. Officers.An authority shall elect a president, a vice-president, a treasurer, a secretary, and an <br /> assistant treasurer.The authority shall elect the president,treasurer,and secretary annually.A commissioner <br /> must not serve as president and vice-president at the same time. The other offices may be held by the same <br /> commissioner. The offices of secretary and assistant treasurer need not be held by a commissioner. <br /> Subd. 3. Duties and powers. The officers have the usual duties and powers of their offices. They may <br /> be given other duties and powers by the authority. <br /> Subd. 4. Treasurer's duties. The treasurer: <br /> (1) shall receive and is responsible for authority money; <br /> (2)is responsible for the acts of the assistant treasurer; <br /> (3) shall disburse authority money by check only; <br /> (4) shall keep an account of the source of all receipts, and the nature, purpose, and authority of all <br /> disbursements; and <br /> (5) shall file the authority's detailed financial statement with its secretary at least once a year at times <br /> set by the authority. <br /> Subd. 5. Assistant treasurer.The assistant treasurer has the powers and duties of the treasurer if the <br /> treasurer is absent or disabled. <br /> Subd. 6. Treasurer's bond. The treasurer shall give bond to the state conditioned for the faithful discharge <br /> of official duties. The bond must be approved as to form and surety by the authority and filed with the <br /> secretary.The bond must be for twice the amount of money likely to be on hand at any one time,as determined <br /> at least annually by the authority provided that the bond must not exceed$300,000. <br /> Subd. 7. Public money.Authority money is public money. <br /> Subd. 8. Checks.An authority check must be signed by the treasurer and one other officer named by <br /> the authority in a resolution. The check must state the name of the payee and the nature of the claim that the <br /> check is issued for. <br /> Subd. 9. Financial statement. The authority's detailed financial statement must show all receipts and <br /> disbursements,their nature,the money on hand,the purposes to which the money on hand is to be applied, <br /> the authority's credits and assets, and its outstanding liabilities in a form required for the city's financial <br /> statements.The authority shall examine the statement together with the treasurer's vouchers.If the authority <br /> finds that the statement and vouchers are correct,it shall approve them by resolution and enter the resolution <br /> in its records. <br /> History: 1987 c 291 s 97 <br /> Copyright U 2017 by the Revisor of Statutes,State of Minnesota.All Rights Reserved. <br />
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