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RELEVANT LINKS: <br />League of Minnesota Cities Handbook for Minnesota Cities 8/1/2023 <br />Community Development and Redevelopment Chapter 14 | Page 12 <br />Minn. Stat. § 469.051, subd. <br />2. A port authority shall annually elect a president or chair, vice president or <br />vice chair, treasurer, secretary, and assistant treasurer. A commissioner <br />may not serve as president or chair and vice president or vice chair at the <br />same time. The other offices may be held by one commissioner. The <br />offices of secretary and assistant treasurer need not be held by a <br />commissioner. <br />Minn. Stat. § 469.051, subds. <br />4 to 6. The treasurer of a port authority must be bonded to faithfully perform <br />these duties: <br />For more information on <br />bonding, see LMCIT <br />Property, Crime, Bond and <br />Petrofund Coverage Guide. <br />• Receive and be responsible for port authority money. <br />• Be responsible for the acts of the assistant treasurer, if appointed. <br />• Disburse port authority money by check or electronic procedures. <br />• Keep an account of the source of all receipts, and the nature, purpose, <br />and authority of all disbursements. <br />• File the authority’s detailed financial statement with its secretary at <br />least once a year at times set by the authority. <br />Minn. Stat. § 469.051, subd. <br />9. The port authority’s annual detailed financial statement must show all <br />receipts and disbursements, their nature, the money on hand, the purposes <br />to which the money on hand is to be applied, the authority’s credits and <br />assets, and its outstanding liabilities. <br /> The authority must examine the statement together with the treasurer’s <br />vouchers. If the authority finds the statement and vouchers correct, it shall <br />approve them by resolution and record the resolution. <br />Minn. Stat. § 469.054 subd. <br />1. <br />Minn. Stat. § 469.056 subd. <br />1, 2. <br />Minn. Stat. § 469.054 subd. <br />3. <br />State law governs many other aspects of port authorities, including but not <br />limited to the use of city property by a port authority, employment, and <br />contracts. The city attorney also acts as the port authority’s attorney. <br /> E. Local or area redevelopment agencies <br />Minn. Stat. § 469.109. <br /> <br /> <br /> <br />The purpose of area redevelopment agencies is to create new employment <br />opportunities and promote economic redevelopment of rural areas and of <br />depressed or underdeveloped areas of the state. <br />Minn. Stat. § 469.111. Any municipality or group of municipalities may establish a <br />redevelopment agency in and for the area the municipality or group of <br />municipalities it covers, if: <br />Minn. Stat § 469.109. • The area is rural or there is substantial and persistent unemployment in <br />the area for an extended period of time. <br />• The rate of unemployment, excluding unemployment due to seasonal <br />or temporary factors, is 6% or more and the conditions are not likely to <br />be alleviated without public financial or planning assistance.