Management Report and Recommendations 12/31/1984

Home Search

City of Lino Lakes, Minnesota Management Report, Page 39 Subd. 2. 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 the authority or officer of a governmental unit shall have an interest if such depo- sited funds are protected in accordance with chapter 118; provided, however, that any member or officer having such an interest shall disclose that he 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; Subd. 3. The designation of an official newspaper, or publica- tion of official matters therein, in which the officer is interested when it is the only newspaper complying with statutory or charter requirements relating to the designation or publication; Subd. 4. A contract with a cooperative association of which the officer is a shareholder or stockholder but not an officer or manager; Subd. 5. A contract for which competitive bids are not required by law and where the amount does not exceed $5,000. Subd. 6. A contract with a volunteer fire department for the payment of compensation to its members or for the payment of retirement benefits to these members; Subd. 7. A contract with a municipal bond for the payment of compensation to its members; Subd. 8. Contracts for goods or services when the considera- tion does not exceed $5,000 in any year and the contracting govern- mental unit has a population of less than 5,000; Subd. 9. When a port authority commissioner is engaged in or employed by a firm engaged in the business of importing or exporting or general trade, it shall be lawful for the authority to do business with the commissioner or his employer provided that in the fixing of any rates affecting shippers or users of the terminal facility, said commissioner shall not vote thereon. Subd. 10. When a seaway port authority commissioner is engaged in or employed by a firm engaged in the business of importing or exporting or general trade, it shall be lawful for the authority to do business with the commissioner or his employer provided that in the fixing of any rates affecting shippers or users of the terminal facility, said commissioner shall not take part in the deter- mination of except to testify, nor vote thereon.