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4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
RESOLUTFON 07-02EDA
A RESOLUTION TO APPROVE DESIGNATION OF DEPOSITORY FOR
ECONOMIC DEVELOPMENT AUTHORITY FUNDS AND TO
AMEND BYLAWS TO DESIGNATE A DEPOSITORY EVERY FOUR YEARS AND SO CONDUCT OF
ECONOMIC DEVELOPMENT AUTHORITY MEETINGS IS GOVERNED BY THE BYLAWS
GOVERNING THE CONDUCT OF THE CITY COUNCIL MEETINGS
Motion By:
Erickson
Second By: Hedberg
WHEREAS, The City has an Economic Development Authority, with the powers granted through
Minnesota Statutes; its Bylaws and Enabling Resolution require the EDA to designate
an official depository every two (2) years for the deposit of Economic Development
Authority funds, and
WHEREAS, The designation and appointment of the official bank for City funds takes place every
four (4) years, and
WHEREAS, In order to coincide with the current appointment by the City of the official bank for City
funds, the Economic Development Authority designates U.S. Bank as depository for its
funds effective the date of this resolution through December 31, 2008, and
WHEREAS, In order to coincide with the evaluation process the City uses to select an official
depository„ the Economic Development Authority hereby amends its bylaws so
designation of depository for Economic Development Authority funds coincides with
appointment by the City of the official bank for City funds., and
WHEREAS, As stipulated in Article XVI of the Economic Development Authority Bylaws, the
conduct of meetings of the Economic Development Authority shall be governed by the
Bylaws governing the conduct of the City Council, and
WHEREAS, Article IV of the Economic Development Authority Bylaws, in allowing less than a
quorum to adjourn any meeting, is contrary to Article XVI, and
WHEREAS, The Economic Development Authority hereby amends its bylaws in order for the
conduct of meetings of the Economic Development Authority to be governed by the
Bylaws governing the conduct of the City Council.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF PRIOR LAKE, MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Bylaws of the Prior Lake. Economic Development Authority are attached hereto and
incorporated herein as if fully set forth.
3. The Bylaws are amended to read as follows:
www. cityofpriorlake. com
Phone 952.447.9800 /Fax 952.447.4245
Article VII, "Every four years the Economic Development Authority shall name a national or state bank
within the state as depository"
Article IV, "Three commissioners shall constitute a quorum for the purpose of conducting business.
Commissioners are to notify the staff prior to the meeting if they. are unable to attend."
PASSED AND ADOPTED THIS 19th DAY OF MARCH, 2007.
YES NO
Millar X Millar
Erickson X Erickson
Hau en X Hau en
Hedber X Hedber
LeMair X LeMair
Frank o e ,Executive Director
M:IEDA1Resolutions107-02EDA Designating Depository and Amending Bylaws.doc