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<br />b. In emergency situations the Mayor may authorize any capital or <br />general expenditure which might be necessary to maintain <br />operational status of the city. The expenditure will require <br />approval at the next regular city council meeting. In the absence of <br />the Mayor, the Acting Mayor or City Administrator may grant <br />emergency approval. <br /> <br />2. Bids. Quotations and Bonds: <br /> <br />If possible, three quotations may be obtained for all capital or general <br />expenditures over $2,500. In accordance with M.S. 471.345, a minimum of <br />two quotations must be obtained for purchases over $10,000 and less than <br />$50,000. Purchases over $50,000 shall be made by sealed bid as required by <br />M.S. 471.345, excepting those purchases made through the State of Minnesota <br />Cooperative Purchasing Venture (CPV) Program. A bid bond in the amount of <br />5% of the bid is required to ensure that the successful bidder enters into a <br />contract with the city. In addition, a performance bond and a payment bond are <br />required for all services exceeding $70,000, as defined by M.S.574.26. All <br />contractors, regardless of the amount of contract for services, are required to <br />complete Department of Revenue Form IC-134 before final payment. <br /> <br />3. Finance Director: <br /> <br />For cash management purposes, the Finance Director shall be notified of all <br />encumbrances or payments to be made in excess of$25,000 as soon as city <br />staff or the council becomes aware of the encumbrance or liability. <br /> <br />4. Internal Control: <br /> <br />All purchases and expenditures are to be organized in such a manner as to <br />provide the maximum degree of internal control in the most efficient and <br />effective manner. Specific details are arranged in the city's internal control <br />policy, which is attached to this policy. <br /> <br />o <br /> <br />5. Property Identification and Control: <br /> <br />A unique property tag number will be assigned by the Finance Director to be <br />affixed to all capital equipment purchases. The Finance Director shall <br />maintain the official inventory of fixed assets, which will be updated on an <br />annual basis. The Finance Director shall be notified when an asset is to be <br />removed from service or transferred to another department. <br /> <br />6. Disposal and Accentance of Fixed Assets: <br /> <br />Disposal of fixed assets and other city property will occur only at the discretion <br />and approval of the city council and will be governed by applicable Minnesota <br /> <br />4 <br />