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BYLAWS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LAKE ELMO, MINNESOTA ARTICLE I — THE AUTHORITY Section 1. Name of Authoritv. The name of the Authority shall be the "Economic Development Authority of the City of Lake Elmo, Minnesota" (which may sometimes be referred to as the "EDA" or the "Authority", and its governing body shall be called the Board of Commissioners (the 'Board"). The Board shall be the body of responsible for the general governance of the Authority and shall conduct its official business at meetings thereof. Section 2. Seal of Authority. As required by Minnesota Statutes, Section 469.096, Subdivision 1, the Authority shall have an official seal, which shall be in the form depicted on Exhibit A. Hall, Section 3. Office of Authority. The offices of the Authority shall be the Lake Elmo City ARTICLE 11— OFFICERS Section 1. Officers. The officers of the Authority shall be a President, a Vice - President, a Treasurer, an Assistant Treasurer, and a Secretary. The President, Vice -President, and the Treasurer shall be members of the Board and shall be elected annually, and no Commissioner may be both President and Vice -President simultaneously. The Assistant Treasurer and Secretary need not be members of the Board. Section 2. President. The President shall preside at all meetings of the Board. Except as otherwise authorized by resolution of the Board, the President and Secretary (the Vice -President, in the Secretary's absence or incapacity) shall sign all contracts, deeds and other instruments made or executed by the Authority, except that all checks of the Authority shall be signed by the Treasurer and Assistant Treasurer. At each meeting the President shall submit such recommendations and information as he or she may consider proper concerning the business, affairs, and policies of the Authority. Section 3. Vice -President. The Vice -President shall perform the duties of the President in the absence or incapacity of the President; and in case of the resignation or death of the President, the Vice -President shall perform such duties as are imposed on the President until such time as the Board shall select a new President. Section 4. Secretary. The Secretary shall keep minutes of all meetings of the Board and shall maintain all records of the Authority. The Secretary shall also have such additional duties and responsibilities as the Board may from time to time and by resolution prescribe.