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,I · 1 ,J ., '1 l I .~ 1 ~ authorized to handle funds of the Commission. Section 7. The Commission may appoint such other officers as it deems necessary. All such officers shall be appointed from the membership of the Commission. * XI. 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 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 subscriber revenues of each Member to the total annual revenues of the system multiplied by the Commission's annual budget. The annual budget shall establish the contribution of each Member for the ensuing year and a timetable for the payment of said contribution. The remainder of any franchise fee paid to the Member by Grantee shall be used for cable-related expenses. Prior to the collection of franchise fees adequate to cover expenses the Grantee, as a prepayment of the fees, shall reimburse.Members for all cable-related expenditures incurred by Members and the Commission. Section 4. The initial budget af the CammissiDft All PEG (public. educational. and I{ovemment) proerammine fees collected by the Grantee and redistributed to the Commission shall be used by the Commission to fund the operation of a Community Media Center. Section 5. A proposed budeet for operation of the Commission and the Community Media Center for each calendar year shall be formulated by the Cammissiofi Executive Director under the direction of the Operations Committee and submitted to the members -yvithin 120 da).s of the argMlimtional meeting af the Commission. The initial budget af the Commission shall be deem.ed appro~~ed b). a member ttnless -y\.ithin 60 dft).s of receipt of said initial btldget a ~lember si~~es n6tiee in writing to the C{)mmiSSiD!i that it is -.-.ithdra-.\.ing from the Commission. ,,~ proposcd budget fur atl). eftstling calcnBM ).CM shall bc rormtllatcd b). thc Commi:3:3iDn and :3ubmitted Commission on or before July 1 of each year. The Commission shall submit the proposed budeets to the Members on or before August 1. Such budget shall be deemed approved by a Member unless, prior to October 15 preceding the effective date of the proposed budget, the Member gives notice in writing to the Commission that it is withdrawing from the Commission. Final action adopting a budget for the ensuing calendar year shall be taken by the Commission on or before November 1 of each year. Section 5-~. Any Member may inspect and copy the Commission books and records at any and all reasonable times. All books and records shall be kept in accordance with normal and accepted accounting procedures and principles used by Minnesota Statutory Cities. 7