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<br />1- <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 />X. FINANCIAL MNl'TERS <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 proc~pures established by law for statutory cities. <br /> <br />Orders, checks a~d drafts shall be signed by the chairman and <br /> <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 />instruments shall'be executed on behalf of the Authority by <br /> <br />'the chairman and the secretary-treaslolrer. Contracts shall be <br /> <br />let and purchases made in accordance with the procedures <br /> <br />established by law .,for statutory cities. <br />Section 3. The activities of the Authority shall be <br /> <br />. . <br />financed 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 /> <br />determin~dby the Board by a two-thirds vote of all votes of <br /> <br />then exis~ing members, that such contributions are necessary. <br /> <br />Such determination shall be made by the~Board not later than <br /> <br /> <br />August 1 of each year in order to obligate members to make <br /> <br />contributions during the ensuing calendar year. The total annual <br /> <br />contribution by members for the ensuing year shall be established <br /> <br />'- <br /> <br />, <br /> <br />-9- <br /> <br />0, <br /> <br />I <br />