Loading...
92-33 Establishing an Economic Development Authority for the City of OtsegoCITY OF OTSEGO COUNTY OF WRIGHT STATE OF MINNESOTA RESOLUTION NO. 92®33 RESOLUTION ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF OTSEGO WHEREAS, the City Council of the City of Otsego recognizes the need for economic development within the City, and WHEREAS, the City Council of Otsego desires to encourage, attract, promote and develop economically sound industry and commerce within the City; and WHEREAS, such economic development will enhance the community and the economic welfare of the citizens of the City of Otsego; and WHEREAS, the above said economic development requires the encouragement of the City and assistance in making suitable land available for development; and WHEREAS, the above said economic development requires control by the City to prevent conflicts with the City of Otsego Comprehensive Plan and the desired orderly development of the City; and WHEREAS, the establishment of an economic development authority will promote and enhance the above said economic development; and Elk River Star News - a weekweeks•1992 WHEREAS, a public hearing was held on �1l992 and all concerned members of the public were heard; and WHEREAS, the City Council has considered the comments made at the hearing and the facts presented there; NOW, THEREFORE, BE IT RESOLVED that the Otsego City Council hereby establishes an Economic Development Authority to be known as the Otsego Economic Development Authority. The Otsego Economic Development Authority shall be established in the form and shall and operate with the powers established in the attached document titled "Governing Resolution, City of Otsego Economic Development Authority" and that said document is incorporated herein and made part of this resolution. By order of the City Council of the City of Otsego. erratilt, City Clerk CITY OF OTSEGO t w e (J c ,si s � Norman Ceske, Mayor GOVERNING RESOLUTION, CITY OF OTSEGO ECONOMIC DEVELOPMENT AUTHORITY 1. Authority to Establish, Governing Law: a. The City of Otsego Economic Development Authority (hereinafter the "Authority") is established under the authority of Minnesota Statutes 469.090 through 469.1081, as amended, and the organization, powers and activities of the Authority shall be governed by those said statutes and this resolution. 2. Commission size, Appointment, Compensation and Removal of Commissioners. a. Size: The Authority Commission shall consist of the members of the serving City Council. b. Terms and Appointment of Commissioners: The members of the Commission shall serve as Commissioners during their regularly elected term of .office as a member of the Otsego City Council. c. Increase in Commission Members: The Authority Commission may be increased in number from five to seven members by a resolution adopted by the City Council following the same procedure used to pass this resolution or that prescribed by Minnesota Statute 469.095, Subdivision 3, as amended. d. Compensation and Reimbursement: Commissioners, including the President, shall be paid for attending each regular or special meeting of the Authority in an amount to be set by resolution of the City Council. In addition to the said payment for attending regular and special meeting Commissioners shall be reimbursed for actual expenses incurred in doing official business of the Authority. All money paid for compensation or reimbursement shall be drawn form the Authority's budget. e. Removal for Cause: A Commissioner may be removed by the City Council for inefficiency, neglect of duty or misconduct in office. Such.removal shall be preceded by a hearing wherein the Commissioner charged shall be given an opportunity to be heard in person or by counsel. The Commissioner charged shall be provided a written copy of the charges at least ten days before any hearing. If written charges are submitted against a Commissioner the City Council may temporarily suspend the said Commissioner. When any Commissioner is removed for cause a record of the proceedings of the hearing shall be filed in the office of the City Clerk together with the charges and findings of fact. 3. Authority Officers, Duties and Organizational Matters: a. The Authority shall adopt bylaws, rules of procedure and an official seal. b. Officers Required: The Authority shall elect a president, vice president, secretary, treasurer and an assistant treasurer. The president, treasurer and secretary shall be elected on an annual basis. The office of president and vice-president shall not be held by the same Commissioner, the other offices may be held by the same Commissioner. The offices of secretary and assistant treasurer need not be held by a Commissioner. c. Duties and Powers of Officers: i. The officers shall have the usual duties and powers of their offices. They may be granted other duties and powers by resolution of the Authority. ii. Treasurers Duties: The treasurer: (1) shall receive, and is responsible for, all Authority monies, (2) is responsible for the acts of the assistant treasurer; (3) shall disburse money by check only; (4) shall keep an account of the source of all receipts, and the nature, purpose and authority of all disbursements; and (5) shall file the Authorities detailed financial statement with its secretary at least once a year at times to be set by the Authority. Assistant Secretary: The assistant treasurer has the powers and duties of the treasurer if the treasurer is absent or disabled. iv. Treasurers Bond: The treasurer shall give bond to the state conditioned for the faithful discharge of official duties. The said bond shall be approved as to form and surety by resolution of the Authority and shall be for twice the amount of money likely to be on hand at any one time as determined annually by the Authority. In no case shall the bond exceed $300,000. v. Public Money: Authority money is public money. vi. Checks: All Authority checks must be signed by the treasurer and one other officer named by resolution of the Authority. The check must state the name of the payee and the nature of the claim for which the check is issued. d. Financial Statement: i. Contents: The Authority's financial statement must show all receipts and disbursement, their nature, the money on hand, the purposes to which the money on hand is to be applied, the authorities credits and assets and its outstanding liabilities in the form required for the financial statements of the City of Otsego. ii. Examination and Approval: The Authority shall examine the financial statement along with the treasurers vouchers. If the Authority finds the financial statement and vouchers are correct the Authority shall approve them by resolution and enter the said resolution in its records. 4. Employees, Services and Supplies: a. Employees: The Authority may employ an executive director, a chief engineer, other technical experts and agents and other employees as it may require and determine their duties, qualifications and compensation. b. Contracts for Services: The Authority may contract for the services of consultants, agents, public accountants and other persons needed to perform its duties and exercise its powers. c. Legal Services: The Authority shall use the services of the City Attorney and said City Attorney shall serve as its chief legal advisor. d. Supplies: The Authority may purchase the supplies and materials it needs to carry out its duties and exercise its authority as prescribed by this resolution and Minnesota Statue 469,090 to 469,108, as amended. e. City Purchasing: The Authority may use the facilities of the City of Otsego in connection with construction work and to purchase equipment, supplies or materials. f. City Facilities and Services: The City of Otsego may furnish any offices, structures and space, and stenographic, clerical, engineering or other assistance to the Authority required in the performance of its duties or the exercise of its powers. 5. Conflict of Interest: Except as authorized in Minnesota Statute 471.88 a Commissioner, officer or employee of the Authority shall not acquire any financial interest, direct or indirect, in any project or any property included or planned to be included in any project, nor shall the said party have an financial interest, direct or indirect, in any contract or proposed contract for materials or service to be furnished or used in connection with any project. 6. Depositories, Default and Collateral: a. Depositories: Every two years the Authority shall name a national or state chartered bank located within the State of Minnesota as a depository. Before acting as a depository the named bank shall give the Authority a bond approved as to form and surety by the Authority. The said bond shall be conditioned for the safekeeping and prompt repayment of all deposits and shall be at least equal in amount to the maximum sums expected to be deposited at any one time. The Authority may deposit all funds from any source in one account. b. Liability for Deposits: When Authority funds are deposited in a bonded depository, the treasurer and the surety of the treasurer official bond are exempt from liability for the los of those said deposits because of the failure, bankruptcy or other act or default of the depository. The Authority may accept assignments of collateral from its depository to secure deposits just as assignments of collateral are permitted by law to secure deposits of the City of Otsego. 7. obligations: a. Taxes and Assessments Prohibited: The Authority must not levy a tax or special assessment, except as otherwise provided in Minnesota Statutes 469.090 to 469.108, pledge the credit of the State of Minnesota or the City of Otsego or incur an obligation enforceable on any property not owned by the Authority. b. Budget to the City: Annually, at a time to be fixed by resolution or ordinance %a the City %J Otsego, the Authority shall send its budget to the Otsego City Council. The budget must include a detailed written estimate of the amount of money that the Authority expects to need from the City of Otsego to do Authority business during the next fiscal year. The needed amount shall be that amount in excess of any expected receipts from other sources. c. Fiscal Year: The fiscal year of the Authority shall be the same as the fiscal year of the City of Otsego. d. Annual Report: Annually, at a time and in the form fixed by the Otsego City Council, the Authority shall make a written report to the Otsego City Council giving a detailed account of the Authorities receipts and expenditures during the preceding calendar year together with additional matters and recommendations the Authority deems advisable for the economic development of the City of Otsego. e. Audits: The financial statements of the Authority shall be prepared, audited, filed and published or posted in the manner required for the financial statements of the City of Otsego. The Authorities financial statements shall be such form to permit comparison and reconciliation with the City of Otsego accounts and financial reports. The above said financial report shall be filed with the state auditor by June 30 of each year. The auditor shall review the Authorities financial report and may accept it or, in the public interest, audit the books of the Authority. f. Compliance Examinations: At the request of the City of Otsego, or on the state auditor's initiative, the state auditor may make a legal compliance examination of the Authority for the City of Otsego in accordance with Minnesota Statute 469.100, Subdivision 6, as amended. 8. Powers of the Authority, General obligation Bonds, Revenue Bonds• a. Powers: The Authority shall have all of the powers listed and granted in Minnesota Statute 469.101, as amended. b. General Obligation Bonds: The Authority shall have the authority to issue such bonds in the amounts and by the process established by Minnesota Statute 469,102, as amended. c. Revenue Bonds: The Authority shall have the authority to issue such bonds in the amounts and by the process established by Minnesota Statute 469.103, as amended. 9. City Tax Levv: a. The City of Otsego may levy a tax in any year for the benefit of the authority. The said tax must not be more that 0.01813 percent of the taxable market value. The amount levied must be paid by the City of Otsego treasurer to the treasurer of the Authority to be spent by the Authority. b. The Authority shall request the levy of the above said tax in a manner set by the City Council. c. The City of Otsego may increase its levy for the Authority�s purposes in accordance with Minnesota Statute 469,107, Subdivision 2, as amended.