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<br />Draft 9-6-2006 <br /> <br />BY-LAWS OFTBE ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF CENTERVILLE, MINNESOTA <br /> <br />ARTICLE I - THE AUTHORITY <br /> <br />Section 1. Name of Authority. The name of the Authority shall be the "Economic <br />Development Authority of the City ofCenterville, Minnesota" (which may sometimes be <br />referred to as the "EDA" or the "Authority"), and its governing body shall be called the <br />Board of Commissioners (the ''Board''). The Board shall be the body responsible for the <br />general governance of the Authority and shall conduct its official business at meetings <br />thereof <br /> <br />Section 2. Seal of Authority. The Authority shall have an official seal, as required by <br />Minnesota Statutes Section 469.096, Subdivision 1. <br /> <br />Section 3. Office or Authority. The offices of the Authority shall be the Centerville City <br />Hall. <br /> <br />ARTICLE IT - OFFICERS <br /> <br />Section 1. Officer. The officers of the Authority shall be a President, a Vice-President, a <br />Treasurer, an Assistant Treasurer, and a Secretary. The President, the Vice-President and <br />the Treasurer shall be members of the Board and shall be elected annually, and no <br />Commissioner may be both President and Vice-President simultaneously. The Assistant <br />Treasurer and the Secretary need not be members of the Board. <br /> <br />Section 2. President. The President shall preside at all meetings of the Board. Except as <br />otherwise authorized by resolution of the Board, the President and the Secretary (the <br />Vice-President, in the Secretary's absence or incapacity) shall sign all contracts, deeds <br />and other instruments made or executed by the Authority, except that all checks of the <br />Authority shall be signed by the Treasurer and Assistant Treasurer. At each meeting the <br />President shall submit such recommendations and information as he or she may consider <br />proper concerning the business, affairs and policies of the Authority. <br /> <br />Section 3. Vice-President. The Vice-President shall perform the duties of the President in <br />the absence or incapacity of the President; and in case of the resignation or death of the <br />President, the Vice-President shall perform such duties as are imposed on the President <br />until such time as the Board shall select a new President. <br /> <br />Section 4. Secretary. The Secretary shall keep minutes of all meetings of the Board and <br />shall maintain all records of the Authority. The Secretary shall also have such additional <br />duties and responsibilities as the Board may from time to time and by resolution <br />prescribe. <br /> <br />36 <br />