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BY-LAWS OF THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br /> 1. The Authority <br /> Section 1.1. Name of the Authority. The name of the Authority shall be <br /> the Lino Lakes Economic Development Authority (hereinafter, the "Authority"), <br /> and its governing body shall be called the Board of Commissioners (hereinafter, the <br /> "Board"). <br /> Section 1.2. Office. The principal office of the Authority shall be at City <br /> Hall, 1189 Main Street, Lino Lakes, Minnesota. <br /> Section 1.3. Seal. The Authority shall have an official seal. <br /> 2. Organization <br /> Section 2.1. Officers. The officers of the Authority shall consist of a <br /> President, a Vice President, a Secretary, a Treasurer and an Assistant Treasurer. <br /> The President, the Vice President, and the Treasurer shall be members of the Board <br /> and shall be elected annually, and no Commissioner may serve as President and <br /> Vice President at the same time. The offices of Secretary and Assistant Treasurer <br /> need not be held by a Commissioner. <br /> Section 2.2. President. The President shall preside at all meetings of the <br /> Board. <br /> Section 2.3. Vice President. The Vice President shall preside at any <br /> meeting of the Board in the absence of the President and may exercise all powers <br /> and perform all responsibilities of the President if the President cannot exercise or <br /> perform the same due to absence or other inability. <br /> Section 2.4. President Pro Tem. In the event of the absence or inability of <br /> the President and the Vice President at any meeting, the Board may appoint any <br /> remaining Commissioner as President Pro Tem to preside at such meeting. <br /> Section 2.5. Treasurer. The Treasurer shall receive and be responsible for <br /> Authority money, shall disburse authority money by check only, keep an account of <br /> all Authority receipts and disbursements and the nature and purpose relating <br /> thereto, shall file the Authority's financial statement with its secretary at least <br /> once a year as set by the Authority, and be responsible for the acts of the assistant <br /> treasurer. <br /> Section 2.G. Assistant Treasurer. The Assistant Treasurer shall have all <br /> the powers and duties of the Treasurer if the Treasurer is absent or disabled. <br /> Section 2.7. Secretary. The Secretary shall keep or cause to be kept <br /> minutes of all meetings of the Board and shall maintain or cause to be maintained <br /> ,all records of the Authority. The Secretary shall also have such additional duties <br /> 1 <br />