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<br />Budgeted Expenditures <br /> <br />· All budgeted capital expenditures which have been itelnized <br />and previously approved by the city council during the budget <br />process do not require additional approval before purchase, <br />with the exception of itenls exceeding the amount of $50,000. <br /> <br />· All budgeted capital and general expenditures more than <br />$1,000 or 100/0, whichever is higher, above the budgeted <br />a1110unt will require approval of the city COUllCil. <br /> <br />· Substitutions of budgeted capital and general expenditures in <br />excess of $1 ,000 will require approval of the city council. <br /> <br />Unbudgeted Expenditures <br /> <br />· All unbudgeted capital and general expenditures ll1USt be <br />approved by the city council, except for substitutions as <br />described in section 1 (c). <br /> <br />· In e111ergency situations the Mayor nlay authorize any capital <br />or general expenditure which ll1ight be necessary to lnaintain <br />operational status of the city. The expenditure will require <br />approval at the next regular city council ll1eeting. In the <br />absence of the Mayor, the Acting Mayor or City Administrator <br />ll1ay grant enlergency approval. <br /> <br />2. Bids., Quotations and Bonds: <br /> <br />If possible, three quotations nlay be obtained for all capital or gelleral <br />expenditures over S5J)OU. In accordance with M.S. 471.345, a nlinimunl <br />of two quotations nlust be obtained for purchases over $10,000 and less <br />than $50,000. Purchases over $50,000 shall be nlade by sealed bid as <br />required byM.S. 471.345, excepting those purchases lnade through the <br />State of Minnesota Cooperative Purchasing Venture (CPV)Prograln. <br /> <br />For all contracts, a bid bond in the a1110unt of five percent (50/0) of the bid <br />is required to ensure that the successful bidder enters into a contract with <br />the city. In addition, a perfOr111allCe bond and a payment bond are required <br />for all services exceeding $70,000, as defined by M.S.574.26. <br /> <br />All contractors, regardless of the all10unt of contract for services, are <br />required to c0111plete Departll1ent of Revenue Fornl IC-134 before final <br />paYll1ent can be 111ade. For further assistance wit}l contract and bidding <br />laws, the city attonley should be consulted. <br /> <br />4 <br />