EDA Resolution 10-EDA-257 - Laserfiche WebLink

Home Browse Search

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-a-r~. The bond 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; "^~,-~ooQ~o~r ~ that sa+~the bond must not exceed $300,000. Section 5.3 Checks n ~i ~~hnrifii Eh~Ek rr,~ io+ ho oinr,orl h„ +The President and Treasurer must sian an Authoritv check. Tr-,-«a~a~r-~^~ ~~°^~~~iveDir-ee-~o~/~~7sistar~~Ti~~~~_~rer. The check must sta~~t~~e~,.,/,the name of the payee and the nature for which the Authority is issuina the check ~~S~tiCIY. Section 5.4 Financial Statement/Audits m"uTT-e~u-m_~n-G~ ~ir+l c~r+~°m °r ~nii+h ~"° 1'r°~ci it°r The Authority's die-firms-rte,-~L,a,~ea-t~ege##~~P,~~, ~~-~-~~~~~~, eu~;f;e-r~~r detailed financial statement ~"'~~l--dT~~~ must show all receipts and disbursements, their nature, the money on hand-~ the purposes to which its-half the monev on hand is to be applied, the Authority's credits and assets and its outstanding liabilities- in a form reauired for the City's financial statements. The Authoritv shall examine the statement toaether with the Treasurer's vouchers. If the Authority finds that the i-af-statement and m~as;~~°~ vouchers ta-be are correct, it shall approve them by resolution and enter the resolution in its records. The financial statements of the Authoritv must be prepared. audited, filed, and published or posted in the manner reauired for the financial statements of the City. The financial statements must permit comparison and reconciliation with the Citv's accounts and financial reports. The report must be filed with the state auditor by June 30 of each vear. AtrtherFt~ Section 5.5 Report to City The Authority shall annually, at a time designated by the Mounds View City Council, make a report to the City Council. This report shall aive giving a detailed account of its activities and of its receipts and expenditures for the preceding calendar year.- tom with additional matters and recommendations it deems advisable for the economic development of the Citv. The Authority shall make available all records necessary to conduct an audit of the Authority's finances. Page 6 Mounds View EDA Bylaws Draft Last Revised January 11, 2010