02-25-2026 Council Packet - Laserfiche WebLink

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3 Section 3.5 Adoption of Resolutions. Resolutions of the Board shall be deemed adopted if approved by not less than three Members. Resolutions may but need not be read aloud prior to vote taken thereon. Section 3.6 Rules of Order. The meetings of the Board shall be governed by the most recent edition of Robert’s Rules of Order. 4. Miscellaneous Section 4.1 Fiscal Year. The fiscal year of the Authority shall be the calendar year. Section 4.2 Treasurer’s Bond. The Treasurer shall give bond to the state conditioned for the faithful discharge of official duties. The bond must be approved as to form and surety by the Authority and filed with the Secretary and must be for twice the amount of money likely to be on hand at any one time as determined at least annually by the Authority, provided, however, that said bond must not exceed $300,000. Section 4.3 Checks. An authority check must be signed by the President and the Executive Director. The check must state the name of the payee and the nature for which the check was issued. Section 4.4 Financial Statement. The Authority shall examine the financial statement together with the Treasurer’s vouchers, which financial statement shall disclose all receipts and disbursements, their nature, money on hand and the purposes to which it shall be applied, the Authority’s credits and assets and its outstanding liabilities. If the Authority finds the financial statements and Treasurer’s vouchers to be correct, it shall approve them by resolution. Section 4.5 Report to City. The Authority shall annually make a report to the City Council giving a detailed account of its activities and of its receipts and expenditures for the preceding calendar year, together with additional matters and recommendations it deems advisable for the economic development of the City. Section 4.6 Budget to City. The Authority shall annually send its budget to the City Council at a time fixed by resolution or ordinance of the city. The budget must include a detailed written estimate of the amount of money needed by the Authority from the City in order for the Authority to conduct business during the upcoming fiscal year. The needed amount is what is needed in excess of any expected receipts from other sources. Section 4.7 Employees. The Authority may employ technical experts and agents and other employees as it may require and determine their duties, qualifications and compensation. Section 4.8 Services. The Authority may contract for the services of consultants, agents, public accountants, attorneys and others as needed to perform its duties and to exercise its powers.