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governmental units or organizations, and may enter into <br />agreements required in connection therewith and may hold, <br />� use, and dispose of such moneys or property in accordance <br />with the terms of the gift, grant or agreement relating <br />thereto. <br />Section 11. The Board shall establish the annual <br />budget for the Authority as provided in Article IX. <br />Section 12. The Board may delegate authority to the <br />Executive Committee, between Board meetings. Such delegation <br />of authority shall be by resolution of the Board and may be <br />conditioned in such manner as the Board may determine. <br />Section 13. It may purchase public liability insurance <br />and such other bonds or insurance as it may deem necessaxy. <br />Section 14. The Board may exercise any other power <br />necessary and convenient to the implementation of the powers <br />and duties which it or the Rate Administrator is given under <br />the provisions of this agreement. <br />VII. OFFICERS <br />Section 1. The officers of the Board of Directors <br />shall consist of a chairman, a vice chairman and a secretary- <br />treasurer who shall be elected by the Board at the annual <br />meeting held in even numbered years after the organizational <br />meeting. New officers shall take office at the adjournment <br />of the annual meeting of the Board at which they were elec•�vdo <br />- Section 2. A vacancy in the office of chairman, vic� <br />chairman or secretary-treasurer shall occur for any of �':.� <br />9 <br />� <br />