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5 <br /> <br />agreements required in connection therewith and hold, use and dispose of money or <br />property received as a gift or grant in accordance with the terms thereof. <br />Section 10. The Commission shall make an annual, independent audit of the books of the <br />Commission and shall make an annual financial accounting and report in writing to the <br />Members. Its books and records shall be available for examination by the Members at all <br />reasonable times. <br />Section 11. The Commission may delegate its authority to its executive committee. Such <br />delegation of authority shall be by resolution of the Commission and may be conditioned <br />in such a manner as the Commission may determine. <br />Section 12. The Commission shall adopt By-Laws which may be amended from time to <br />time. <br />Section 13. The Commission is given express authority to issue bonds, obligations and <br />other forms of indebtedness, in a principal amount not to exceed $2,500,000 (the <br />“Bonds”),for approved facility and equipment upgrades consistent with the authority <br />granted to the Commission in this Agreement. As provided in Minn. Stat. § 471.59, subd. <br />11, the Bonds shall be obligations of the Commission which are issued on behalf of the <br />Members, and shall be issued subject to the conditions and limitations set forth in Minn. <br />Stat. § 471.59, subd. 11. The Bonds shall be payable solely from the Member’s franchise <br />fees and/or PEG fees, as hereinafter provided. The Commission may not pledge to the <br />payment of the Bonds the full faith and credit or taxing power of the Members. No Bonds <br />may be issued by the Commission without the prior consent of the Members. <br />Section 14. The Commission shall provide ongoing oversight of the Operations <br />Committee. <br />Section 15. The Commission shall recommend and forward to the Member cities the <br />Commission’s annual budget and work plan. <br />Section 16. The Commission shall periodically review expenditures related to the <br />CommunityMediaCenter. <br />Section 17. The Commission may exercise any other power necessary and incidental to <br />the implementation of its powers and duties. <br /> <br />VIII. POWERS AND DUTIES OF THE OPERATIONS COMMITTEE <br /> <br />Section 1. The powers and duties of the Operations Committee shall include the powers <br />set forth in this article. <br />Section 2. The Operations Committee shall provide input and make recommendations to <br />the Commission. <br />Section 3. The Operations Committee shall provide for the definition of Member cities’ <br />needs and shall coordinate the resources of the Member cities’ with the Executive Director