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<br />. -,,' <br /> <br />. .. <br />. .. ..' -, <br /> <br />against loss of Authority funds in the account specified by the <br /> <br />Board. The cost of such bond or insurance shall be paid by the <br /> <br />Board. The Board may provide for compensation of the secretary- <br /> <br />treasurer for his services. <br /> <br />x. FINlillCIAL MATTERS <br /> <br />section 1. The fiscal year of the Authority is the calendar <br /> <br />year. <br /> <br />Section 2. Authority funds may be expended in accordance <br /> <br />with the procedures established by law for statutory cities. <br /> <br />Orders, checks and drafts shall be signed by the chairman and <br /> <br />countersigned by the secretary-treasurer or such other person as <br /> <br />may be designated by the Board in its by-laws. Other legal <br /> <br />\. <br /> <br />instru~ents shall"be executed on behalf of the Authority by <br /> <br />the chairman and the secretary-treasurer. Contracts shall be <br /> <br />let and purchases made in accordance with the procedures <br /> <br />established by law for statutory cities. <br /> <br />Section 3. The activities of the Authority shall be <br /> <br />. <br />fin<l!1ccd by funds available to it under Article XII, from <br /> <br />voluntary contributions from its members or from other sources, <br /> <br />and by contributions from members of the Authority if it is <br /> <br />dctcr~incd by the Board by a two-thirds vote of all votes of <br /> <br />then existing members, that sueh contributions are necessary. <br /> <br />Such dctcnnination shall be made by the Board not later than <br /> <br />Augu::.;l 1 ef eilch year in order to obligate racmbers to make <br /> <br />contributions during the ensuing calendar year. The total annu<ll <br /> <br />conll.'ibut.ion by members for tho cnsulng year shall be established <br /> <br />-9- <br />