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So <br /> BYLAWS OF THE ECONOMIC DEVELOPMENT AUTHORITY <br /> OF THE CITY OF HUGO, MINNESOTA <br /> ARTICLE I - THE AUTHORITY <br /> Section 1. Name of Authority. The name of the Authority shall be the <br /> "Economic Development Authority of the City of Hugo, Minnesota" (which may <br /> sometimes be referred to as the "EDA" or the "Authority"), and its governing body shall <br /> be called the Board of Commissioners (the "Board"). The Board shall be the body <br /> responsible for the general governance of the Authority and shall conduct its official <br /> business at meetings thereof. <br /> Section 2. Seal of Authority. The Authority shall have an official seal, as <br /> required by Minnesota Statutes, Section 469.096, Subdivision 1. <br /> Section 3. Office of Authority. The offices of the Authority shall be the <br /> Hugo City Hall. <br /> ARTICLE II - OFFICERS <br /> Section 1. Officers. The officers of the Authority shall be a President, a Vice- <br /> President, a Treasurer, an Assistant Treasurer and a Secretary. The President, the Vice- <br /> President and the Treasurer shall be members of the Board and shall be elected annually, <br /> and no Commissioner may be both President and Vice-President simultaneously. The <br /> Assistant Treasurer and the Secretary need not be members of the Board. <br /> Section 2. President. The President shall preside at all meetings of the Board. <br /> Except as otherwise authorized by resolution of the Board,the President and the <br /> Secretary (the Vice-President, in the Secretary's absence or incapacity) shall sign all <br /> contracts, deeds and other instruments made or executed by the Authority, except that all <br /> checks of the Authority shall be signed by the Treasurer and Assistant Treasurer. At each <br /> meeting the President shall submit such recommendations and information as he or she <br /> may consider proper concerning the business, affairs, and policies of the Authority. <br /> Section 3. Vice-President. The Vice-President shall perform the duties of the <br /> President in the absence or incapacity of the President; and in case of the resignation or <br /> death of the President, the Vice-President shall perform such duties as are imposed on the <br /> President until such time as the Board shall select a new President. <br /> Section 4. Secretary. The Secretary shall keep minutes of all meetings of the <br /> Board and shall maintain all records of the Authority. The Secretary shall also have such <br /> additional duties and responsibilities as the Board may from time to time and by <br /> resolution prescribe. <br /> Section 5. Treasurer. The Treasurer shall have the care and custody of all <br /> funds of the Authority and shall deposit the same in the name of the Authority in such <br />