02-25-2026 Council Packet - Laserfiche WebLink

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determined by the City Council. In addition to receiving pay for meetings, 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. The rate of compensation or reimbursement shall be established by written resolution of the City Council. 2.6 Conflict of Interest. Except as authorized in Minnesota Statutes § 471.88, and subject to the requirements and penalties of Minnesota Statutes § 469.098, no Commissioner may acquire any direct or indirect financial interest in any project or in any property included or planned to be included in any project of the EDA, or in any contract or proposed contract for materials or service to be furnished or used in connection with any project of the DEDA. SECTION 3. OFFICERS, DUTIES, ORGANIZATIONAL MATTERS. 3.1 Bylaws. The EDA may propose and adopt bylaws to govern its procedures, which must be approved by the City Council by written resolution. Any amendments to such bylaws must also be approved by the City Council by written resolution. The Bylaws or amendments to the Bylaws shall be ineffective without approval by the City Council by written resolution. The Bylaws may not purport to change the powers of the EDA as granted or limited by this Resolution, or any subsequent amendments to this Resolution. 3.2 Official Seal. The official seal of the City of Little Canada is the official seal of the EDA. 3.3 Officers. The EDA Board shall annually elect a president, a vice-president, a treasurer, and an assistant treasurer. A Commissioner must not serve as president and vice- president at the same time, but the other offices may be held by the same Commissioner. Someone other than a Commissioner may hold the offices of secretary and assistant treasurer. The Executive Director shall serve as the secretary. 3.4 Duties and powers. The officers have the usual duties and powers of their offices. They may be given other duties and powers by the EDA Board. 3.5 Powers and Duties of Treasurer and Assistant Treasurer. Pursuant to the authority of Minnesota Statutes § 469.092, subd. 1(8), the duties and powers of the elected Treasurer shall be limited as set forth in this Section 3.5. Unless otherwise indicated in this Section 3.5, staff of the City: A. shall receive and be responsible for the EDA money; B. shall disburse EDA money by check only; C. shall keep an account of the source of all receipts, and the nature, purpose, and authority of all disbursements; and D. shall file the detailed financial statement of the EDA, as set forth in Section 3.8 of this Resolution, with its treasurer and secretary at least one time per year at times set by the EDA Board. The Treasurer shall review the financial statement, and convey it to the EDA Board. The Assistant Treasurer has the powers and duties of the Treasurer if the Treasurer is absent or disabled. 3.6 Public money. EDA money is public money.