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10 4859-6924-4449\6 The EDA must obtain a treasurer’s bond conditioned for the faithful discharge of official duties. The bond must be approved as a form and surety by the EDA and filed with the secretary. The bond must be for twice the amount of money likely to be on hand at one time, as determined at least annually by the EDA provided that the bond may not exceed $300,000. (Minn. Stat. § 469.096, Subd. 6). The EDA may choose to have the secretary and the assistant treasurer position filled by a non - board member. (Minn. Stat. § 469.096, Subd. 2). Public Money EDA money is public money. (Minn. Stat. § 469.096, Subd. 7). Checks An EDA check must be signed by the treasurer and one other officer named by the EDA in a resolution. The check must state the name of the payee and the nature of the claim that the check is issued for. (Minn. Stat. § 469.096, Subd. 8). Financial Statement The EDA’s detailed financial statement must show all receipts and disbursements, their nature, the money on hand, the purposes to which the money on hand is to be applied, the EDA’s credits and assets, and its outstanding liabilities in a form required for the City’s financial statements. The EDA shall examine the statement together with the treasurer’s vouchers. If the EDA finds that the statement and vouchers are correct, it shall approve them by resolution and enter the resolution in its records. (Minn. Stat. § 469.096, Subd. 9). Compensation and Reimbursement A Commissioner, including the president, shall be paid for attending each regular or special meetings in an amount to be determined by the City Council. In addition to receiving pay for meetings, the Commissioners may be reimbursed for actual expenses incurred in doing official business of the EDA. All money paid for compensation or reimbursement must be paid out of the EDA’s budget. (Minn. Stat. § 469.095, Subd. 4). Conflict of Interest A Commissioner or employee of an EDA shall not acquire any financial interest, direct or indirect, in any project or in any property included or planned to be included in any project sponsored by the EDA. EDA Commissioners or employees who knowingly takes part in any manner in making any sale, lease, or contract in the Commissioner’s or employee’s capacity in which the Commissioner or the employee has a personal financial interest will be criminally liable. (Minn. Stat. § 469.098, Subd. 3). The following is a list of exceptions when an EDA may contract for goods or services with a Commissioner or officer of the EDA who has a financial interest in a project. Approval of this