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Mounds View EDA June 23, 2008 <br />Regular Meeting Page 2 <br /> <br />laws and the EDA officers. The By-laws have been updated and the EDA is asked to approve 44 <br />Resolution 08-EDA-243 appointing officers. Commissioner Stigney was appointed in February 45 <br />as the Vice President, but the rest of the officer appointments were left blank. 46 <br /> 47 <br />Vice President Stigney asked whether there could be a non-voting member as treasurer. 48 <br /> 49 <br />Executive Director Ericson indicated that the Authority does not have its own funds or sign 50 <br />checks so a treasurer’s bond is not needed. This is consistent with the statutes and the Authority 51 <br />is not responsible for any funds, because the City has all of the funds. 52 <br /> 53 <br />Vice President Stigney indicated that a treasurer’s bond must be obtained. He then asked 54 <br />whether a bond must be obtained for whoever is named as treasurer. 55 <br /> 56 <br />Vice President Stigney indicated that the President and the Treasurer must sign Authority checks. 57 <br /> 58 <br />Vice President Stigney said that compensation reimbursement is required for attending meetings, 59 <br />and he would like to review this further. 60 <br /> 61 <br />Attorney Riggs indicated that by-laws are not required, as the Authority can operate by statute. 62 <br /> 63 <br />Attorney Riggs indicated that the by-laws reflect the exact language of the statute. 64 <br /> 65 <br />The Authority and Staff discussed having the City’s Finance Director serve as the Treasurer. 66 <br /> 67 <br />Vice President Stigney indicated that he would like to have the Attorney look further into the 68 <br />Treasurer position. 69 <br /> 70 <br />Attorney Riggs clarified that the League says that a Treasurer and a Bond is required, so does the 71 <br />statute. He then said that the five member board must match the statute requirements, but Staff 72 <br />can serve as an Assistant Treasurer. 73 <br /> 74 <br />Commissioner Mueller said that she is concerned about the majority vote that does not list who 75 <br />votes, and whether the Treasurer or Executive Director has a vote. 76 <br /> 77 <br />Executive Director Ericson asked for action on the Resolution, as the time allowed for the 78 <br />meeting had run out. 79 <br /> 80 <br />President Marty indicated that he would like to hold off on the Resolution until further edits are 81 <br />made. 82 <br /> 83 <br />Attorney Riggs agreed and said that the officers are in place from last year until there is a change 84 <br />by Resolution. 85