2005-02-23 CC Packet - Laserfiche WebLink

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" ARTICLEID FINANCIAL MATTERS Section 3.01. Books and Records. The Commission of the EDA shall cause to be kept the following: L records of all proceedings of the Commission and the committees, if any; 2, such other records and books of account as shall be necessary and appropriate to the conduct of the EDA's business; 3. all financial statements of the EDA; and 4. the By-Laws of the EDA and all amendments and restatements thereof The books and records of the EDA shall be public records maintained in accordance with state law and such rnIes, regulations, and ordinances adopted by the City for maintaining public records. Section 3.02. Accounting System and Audit. The Commission shall cause to be established and maintained. in accordance with generally accepted accounting principals or adopted and applied to the financial records of the City, and appropri<!te accounting system fur the EDA. The Commission shall cause the records and books of account of the EDA to be audited and at such other times as may be deemed necessary or appropriate by the Commission or Council. The EDA may retain such person or firm for such purpose as is named by the City for the audit of its records. Section 3.03. Compensation. Members of the Commission may receive a salary or fee for their services as set forth by City Council which in no case shall be greater than that of a Council member. They may also receive necessary travel, per diem, and other expenses while on official business of the EDA if funds are available for this purpose. The Commission of this EDA may, however, to the extent allowed by law for the transactions between public bodies and their members, provide for the payment of compeosation to, and for the payment or reimbursement of expenses incurred by and between the Conunissioner, officer, agent, or employee of this EDA fur services rendered to this EDA or the sale of goods and materials to the EDA which are used in furtherance of the purposes of this EDA to the extent the compensation or amount of expenses paid or reimbursed, as the case may be, is reasonable, not excessive, and was done pursuant to contracts entered in accordance with laws governing public bodies. Section 3.04. Fiscal Year. The fiscal year of the EDA shall be the same as the fiscal year adopted by the City Council. Section 3.05. Checks, Drafts, and Other Matters. All checks, drafts or other orders for the payment of money and all notes, bonds or other evidences of indebtedness issued in the name of the EDA shall be signed by the Mayor and the City Administrator, or by such officer or officers, agent or agents, employee or employees of the EDA and in such manner as may from time to time be detennined by the Commission. The check must state the name of the payee and the nature for which the check was issued. Section 3.06. Idle Funds Transfer to General Fond. Except when previously pledged by the EDA, the Conncil may by resolution require the EDA to transfer any portion of the reserves generated by activities of the EDA that the Council detennines is not necessary for the successful operation of the EDA to the general service fund of the city, to be used solely to reduce tax levies fur bonded indebtedness of the city. Section 3.07. Budgetary Process. The EDA shall follow the budget process for city departments as provided by the City and as implemented by the Council and mayor Section 3.08. TIF Administration Oversight. The EDA shall be responsible for oversight of the administration of all TIF districts within the City and make reports to the Council as required, but no less frequently than at the annual meeting. Cold Spring EDA By-Laws Page 3 of 5 ~1Dll~~~TaqtOnrJTzMmd.Fll~