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<br />,.. <br /> <br />It. ,." <br />., <br /> <br />agrecmcnt or any franchise granted to a utility by a merrberi and <br /> <br />it pay accept voluntary contributions from its members or other <br /> <br />sources as provided in Article X. <br /> <br />~he Authority shall have no <br /> <br />taxing po\Ver. <br />/ <br />re-invcst its funds not needed for current expenses in the manner <br /> <br />It may accumulate reserve funds and may invest and <br /> <br />and subject to the limitations applicable by law to statutory <br /> <br />cities. <br /> <br />The Board may not incur obligations in excess of funds <br /> <br />then available to Authority. <br /> <br />Section 7. The Board shall make a financial accounting <br /> <br />and report to the .members at least once each year - The books <br /> <br /> <br />and records of the Authority shall be open and available for <br /> <br />insDcction by members at all reasonable times. <br />- / <br /> <br />Section 8. <br /> <br />The Board may accept giftsl apply for and use <br /> <br />grants of money or other property from members or other govern- <br /> <br />mental units or organizations, and may enter into agreements <br /> <br />required in connection therewith, and may hold, use, and dispose <br /> <br />of such moneys or property in accordance with the terms of tte <br /> <br />grant, gift or agreement relating thereto. <br /> <br />Section 9. <br /> <br />The Board shall establish the annual budget for <br /> <br />the Authority as provided in Article X. <br /> <br />Section IO. <br /> <br />The Board may, in its by-laws, establish an <br /> <br />executive committee and may delegate duties and authority to such <br /> <br />a commi t tee bet,wecn Board meetings. <br /> <br />Section 11. <br /> <br />The Board may purchase public liability insurance <br /> <br />U.na such other security bonds and insurance as it may deem <br /> <br />necessary. <br /> <br />-7- <br />