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Title 04
Chapter 04.25
Section 04.25.110
 

Title 04 Administrative Agencies and Procedures

Chapter 04.25 Public Development Authority

Article I. General Provisions

Section 04.25.110 Board Authorization or Concurrence Required
  1. At least quarterly the board reviews monthly statements of income and expense which compare budgeted expenditures with actual expenditures. The board reviews all such information at regular meetings, the minutes of which specifically note such reviews and include such information.
  1. General or particular authorization or review and concurrence of the board by resolution is necessary for any of the following transactions:
    1. Transfer or conveyance of an interest in real estate other than:
      1. release of a lien or satisfaction of a mortgage after payment has been received, and
      1. execution of a lease for a current term less than one year.
    1. Contracting of debts, issuance of notes, debentures or bonds and mortgaging or pledging of authority assets or credit to secure the same.
    1. Donation of money, property or other assets belonging to the authority.
    1. Action by the authority as a surety or guarantor.
    1. Capital expenditures in excess of twenty-five thousand dollars and all other transactions in which:
      1. the consideration exchanged or received by the authority exceeds the greater of:
        1. one percent of the previous year’s operating budget, or
        1. twenty-five thousand dollars;
      1. performance by the authority extends over a period exceeding one year from the date of execution of an agreement therefor; or
      1. the authority assumes duties to the City, the state, the United States or other governmental entity.
    1. Any substantial project or major activity outside the limits of the City.
    1. Adoption of an annual budget and a separate capital budget.
    1. Certification of annual reports and statements to be filed with the city clerk as true and correct in the opinion of the board and of its members except as noted.
    1. Proposed amendments to the charter and bylaws; and
    1. Such other transactions, duties and responsibilities as the charter shall repose in the board or the board may reserve.

Date Passed: Monday, March 26, 2007

Effective Date: Sunday, May 6, 2007

Recodification ORD C33995 Section 1