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<br /> I <br /> , (t) collect and analyze data, develop strategic recommendations and implement <br /> ,e marketing programs for the prnpose of economic development and retention of existing businesses <br /> within the jurisdiction of areas of operation of the parties. <br /> I (g) purchase liability insurance to insure against liability of the organization and its <br /> constituent members. <br /> I ARTICLE IX. FINANCIAL MATTERS <br /> I Section 1. The fiscal year of the North Metro I-35W Corridor Coalition is the calendar <br /> I year. <br /> Section 2. The Board shall adopt an initial budget for 1996 and 1997 as soon as is <br /> I reasonably possible and must thereafter adopt an annual budget for each year prior to July I of the <br /> preceding year. The board will give an opportunity to each member to comment or object to the <br /> I proposed budget before adoption. Notice of the adopted budget must be mailed promptly thereafter <br /> to the chief administrative officer of each member. The budget for any year is deemed approved by <br /> Ie each member unless, prior to October 10th of the preceding year a member gives written notice to <br /> I the Secretary-Treasurer that the member is withdrawing at the end of the year as provided in the <br /> Agreement. <br /> I Section 3. Operational costs shall be shared according to the following formula: <br /> Each members share of the annual budget will be based 50% on the members <br /> I population compared to the aggregate population of all members and 50% on the <br /> members assessed valuation compared to the aggregate assessed valuation of all <br /> I members. <br /> Section 4. Billings to North Metro I-35W Corridor Coalition members are due and payable <br /> , no later then 30 days after mailing. In the event of a dispute as to the amount of a billing a member <br /> must nevertheless make payment as billed to preserve membership status. The member may make <br /> I payment subject to its right to dispute the bill and exercise any remedies available to it. Failure to <br /> pay a billing within 60 days results in suspension of voting privileges of the member director. <br /> I Failure to pay a billing within 120 days is grounds for termination of membership, but North Metro <br /> , I-35W Corridor Coalition's rights to the billing are not affected by termination of membership. <br /> I U :\1-35W\CORPORA T\.J-POWER2.DOC 7 <br />