02-14-2024 Workshop Packet - Laserfiche WebLink

Home Browse Search

11 4859-6924-4449\6 action must be passed by a unanimous vote of the EDA with the affected Commissioner abstaining from the vote on the resolution. (Minn. Stat., § 471.88, Subd. 1). 1. In the designation of a bank or savings association in which the officer is interested as an authorized depository for public funds and as a source of borrowing, no restriction shall apply to the deposit or borrowing of any funds or the designation of a depository by such authority or governmental unit in any bank or savings association in which a member of an authority or officer of a governmental unit shall have an interest if such deposited funds are protected in accordance with chapter 118A; provided, however, that any member or officer having such an interest shall disclose that the member is a director or employee of the bank or savings association, which disclosure shall be entered upon the minutes of the authority or governmental unit, such disclosure shall be made when such bank or savings association is first designated as a depository or as a source of borrowing, or when such member or officer is elected whichever is later, and such disclosure shall serve as notice of such interest and need not be made with each successive transaction. (Minn. Stat. § 471.88, Subd. 2). 2. When a Commissioner of the EDA is employed by a bank that is engaged in making loans or performing trust services involving real or personal property affected by any plan of the EDA, no restriction applies to the loans made or trust services performed by the bank if he or she discloses the nature of the loans or trust services of which he or she has personal knowledge. This disclosure must be entered in the minutes of the EDA. (Minn. Stat. § 471.88, Subd. 11). 3. If the EDA has designated an official newspaper, or publication where it publishes its public notices and minutes, and a Commissioner has an interest in the paper. (Minn. Stat. § 471.88, Subd. 3). 4. If the EDA enters into a contract with a cooperative association where a Commissioner is a shareholder or stockholder, but not an officer or manager. (Minn. Stat. § 471.88, Subd. 4). 5. A contract for which competitive bids are not required by law. (Minn. Stat. § 471.88, Subd. 5). 6. Contracts for goods or services when the sealed bid process is used and the contracting governmental unit has a population of 1,000 or less. (Minn. Stat. § 471.88, Subd. 12). 7. When an EDA Commissioner is engaged in or employed by a firm that is in the business of importing or exporting or general trade, the EDA may enter into business transactions with the Commissioner or the Commissioner’s employer provided that the Commissioner abstains from voting on any resolution that sets rates affecting shippers or users of an EDA- owned facility. (Minn. Stat. § 471.88, Subd. 9). Ethics Law Changes made in the 1994 Ethics in Government Act not only affect state legislators but also local officials. The definition of a local official is “a person who holds elective office in a political