ITEM 3BYLAWS of THE CITY of OTs G
ECONOMIC DEVELOPMENT AUTHORITY
ARTICLE 1- THE AUTHO I"["
' . The name f the Authority shall be the "Otsego Econom Developr ent
Section Name of Autho
s r
* "(whichsometimes be referred to as the `F DA" or the "Authority , and its governing body
Authority" may
Commissioners(the `Board". The Board shall a the body responsible for theshall be called the hoard of, ft
general govern
once of the Authorit and shall conduct its official bu iness at meetings th ree
orit , The Authorityshall have an official seal, s required by Minnesota Statutes,
Section �. ,deal of Auth _ Section 469.096, Subdivision 1. The form of the seal shell be set by resolution of the hoard■
e offices of Authorityshall b located at the City lull of the City of
Section � Office of Autl•tor�t � Th Otsego, County of Wright, Mate of Minnesota, ota, herever that city Hall may he located.
ARTICLE lI- OFFICERS
e. The officers of the Authority shall be a President, ice -President, a Treasurer, n
Section Officers.
Assistant Treasurer, and a Secretary. The President, the Vice -President and the Treasurer shall be
members of the hoard and
shall be elected annually t a regularly scheduled meeting of the Board of
which a quorum attends. No Commissioner may be both President and Vice. President simultaneously*
The President shall reside at all meetings f the Board. Except otherwise
�ct�r� � Pre�der�t■ p ice-Presider�t, in the
authorized b resolution of the hoard# the Prsden and tine secretary(the
y
e or incapacity) shall sign all contracts, deeds} and other instruments made or
Secretary's absence executed b the Authority, except that all check of the Authority shall be signed by
the Treasurer and
each meeting the President shall submit such recommendations and information
Assistant Treasurer. Ate g
as he or she may consider proper concerning the business, affairs and policies of the Authority.
Section'
. 'cPressdent■ The Vice President shall perform the duties of the President in the absence or
�
nca
ti pacit of the President; and In case of the resignation or death of the President, the Mice -President
shall perform such duties as are
' imposed on the President until such time the Board shall select a near
p
President.
SectionSecretary shall keep minutes of all meetings of the Board and shall maintain all
. The �ecr � � ' duties and responsibilities as the
records of the Authority. The Secretary shall also have such additional
Board may from time to time and resolutions prescribe.
Section 6. Treasurer* The Treasurer shall have the care and custody of all funds of the Authority and
shall deposit the sane in the name of the Authority ire such bank or bank a the Board may select, The
Treasurer and Assistant Treasurer shall sin all orders and check for payment of money and shall pay out and disburse such moneys under the direction of the Board. The Treasurer shall keep regular books
of accounts shoving re i receipts and expenditures and shall render to the Board, at least annually(or more
often when requested), an
account of such transactions and also the financial condition of the Authority.
The Assistant Treasurer shall act s the Treasurers agent and assistant to perform the above -described
duties, subject to the Treasurer's approval thereof;
' Additional Duties. The officers of the Authority shall perform such other dales and functions
Section �* Add�t�onal ut�
as may from time to t'onne e required by the Board or the bylaws or rules and regulations of the Authority.