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<br />. <br /> <br />a~reement or any franchise ~ranted to a utility by a member; and <br /> <br />it may accept voluntary contributions from its members or other <br /> <br />sources as provided in Article X. The Authority shall have no <br />i <br />taxing power. It may accumulate reserve funds and may invest and <br />I <br />re-invest its funds not needed for current expenses in the manner <br /> <br />and subject to the limitations applicable by law to statutory <br /> <br />cities. The Board may not incur obli~ations in excess of funds <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 />and records of the Authority shall be open and available for <br />inspection by members at all reasonable.times. <br />; <br /> <br />.,Section 8. TheBoa~d may accept gifts, 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 a~reements <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 the <br /> <br />grant, gift or agreement relating thereto. <br /> <br />Section 9. The Board shall establish the annual budget for- <br /> <br />the Authority as provided in Article X. <br />Section 10. The Board may, in its by-laws, establish an <br /> <br />executive ,committee and may ~e1e~ate dutie.s and authority to such <br />a committee between Board meetings. <br /> <br />'. <br /> <br />Section 11. The Board may purchase public liability insurance <br /> <br /><- <br />and such other security bonds and insurance as it may deem <br /> <br />necessary. <br /> <br />r <br /> <br />, <br /> <br />-7- <br /> <br />c <br /> <br />';::":--:"' <br />