3-28-94 EDA Bylaws - Laserfiche WebLink

Home Browse Search

Section 5.2 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 5.3 Checks An Authority check must be signed by the President, Treasurer and Executive Director/Assistant Treasurer. The check must state the name of the payee and the nature for which the check issued. Section 5.4 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 statement and treasurer's vouchers to be correct, it shall approve them be resolution. Section 5.5 Report to CitV The Authority shall annually, at a time designated by the City, make a report to the City Council giving a detailed account of its activities and its receipts and expenditures for the preceding calendar year. The Authority shall make available all records necessary to conduct an audit of the Authority's finances. Section 5.6 Budget to City The Authority shall annually submit its budget to the City in accordance with City policies and budget schedules. The budget shall include a 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. Section 5.7 Services The Authority may contract for the services of consultants, agents, public accountants and others as needed to perform its duties and to exercise its powers. The Authority may also use the services of the City Attorney or hire a general counsel, as determined by the Authority.