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BYLAWS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF HUGO, MINNESOTA ARTICLE I - THE AUTHORITY Section 1. Name of Authority. The name of the Authority shall be the "Economic Development Authority of the City of Hugo, 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 responsible for the general governance of the Authority and shall conduct its official business at meetings thereof. Section 2. Seal ofAuthority. The Authority shall have an official seal, as required by Minnesota Statutes, Section 469.096, Subdivision 1. Section 3. Office of Authority. The offices of the Authority shall be the Hugo City Hall. ARTICLE II - OFFICERS Section 1. Officers. The officers ofthe Authority shall be a President, a Vice - President, a Treasurer, an Assistant Treasurer and a Secretary. The President, the Vice - President and the Treasurer shall be members ofthe Board and shall be elected annually, and no Commissioner may be both President and Vice -President simultaneously. The Assistant Treasurer and the Secretary need not be members ofthe Board. Section 2. President. The President shall preside at all meetings ofthe Board. Except as otherwise authorized by resolution of the Board, the President and the 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 ofthe 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 ofthe Authority. Section 3. Vice -President. The Vice -President shall perform the duties ofthe President in the absence or incapacity ofthe President; and in case ofthe resignation or death ofthe 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. Secrerga. The Secretary shall keep minutes ofall meetings ofthe Board and shall maintain all records ofthe Authority. The Secretary shall also have such additional duties and responsibilities as the Board may from time to time and by resolution prescribe. Section 5. Treasurer. The Treasurer shall have the care and custody of all funds ofthe Authority and shall deposit the same in the name ofthe Authority in such