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IX. OFFICERS Section 1. The officers of the Commission shall consist of a chair, a vice-chair, and a secretary/treasurer. Officers of the Commission shall be elected annually for one-year terms. Officers shall be limited to two consecutive one-year terms in a given office. Section 2. A vacancy in the office of chair,vice-chair, or secretary/treasurer shall occur for any of the reasons for which a vacancy in the office of a director shall occur. Vacancies in these offices shall be filled by the Commission for the unexpired portion of the term. Section 3. The three officers shall all be members of the executive committee. Section 4. The chair shall preside at all meetings of the Commission and the executive committee. The vice-chair shall act as chair in the absence of the chair. Section 5. The secretary/treasurer shall be responsible for keeping a record of all of the proceedings of the Commission and executive committee and shall be responsible for custody of all funds, for the keeping of all financial records of the Commission and for such other matters as shall be delegated by the Commission. The Commission may require that the secretary/treasurer post a fidelity bond or other insurance against loss of Commission funds in an amount approved by the Commission, at the expense of the Commission. Said fidelity bond or other insurance may cover all persons authorized to handle funds of the Commission. Section 6. The Commission may appoint such other officers as it deems necessary. All such officers shall be appointed from the membership of the Commission. X. FINANCIAL MATTERS Section 1. The fiscal year of the Commission shall be the calendar year. Section 2. Commission funds may be expended by the Commission in accordance with the procedures established by law for the expenditure of funds by Minnesota Statutory Cities. Orders, checks and drafts must be signed by any two of the officers. Other legal instruments shall be executed, with authority of the Commission, by the chair and secretary/treasurer. Contracts shall be let and purchases made in accordance with the procedures established by law for Minnesota Statutory Cities. Section 3.The financial contributions of the Members in support of the Commission shall be in direct proportion to the percent of annual franchise fee revenues of each Member to the total franchise fee revenues of the System for the prior year multiplied by the Commission's total annual assessment to the Members. Section 4. A proposed budget for the ensuing calendar year shall be formulated by the Commission and submitted to the Members on or before October 15. Final action adopting a budget for the ensuing calendar year shall be taken by the Commission on or before December 15 of each year. 5