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and responsibilities as the Board may from time to time and by resolution prescribe. Section 2.8. Executive Director. The Executive Director shall be designated from time to time by the Authority, shall be the chief appointed executive officer of the Authority, and shall have such additional responsibilities and authority as the Board may from time to time by resolution prescribe. The Executive Director shall serve at the pleasure of the Board. 3. Procedures of Board of Commissioners Section 3.1. Annual Meeting. The annual meeting of the Board shall be held at 6:00 p.m. on the third Monday of the month of January in each year. Section 3.2. Regular Meetings. The Board shall hold regular meetings on the XM third Monday of each month, commencing at 6:00 P.M. o'clock p.m., C.T., or at other time as the Board may determine. Section 3.3. Special Meetings. Special meetings if the Board may be called by the President or, in the event of the President's absence or inability, by the Vice President at any time, upon three days prior notice to all Commissioners and the Executive Director. Upon the same notice, special meetings of the Board may also be called by any two Commissioners. The Executive Director shall post notice of any special meeting in the principal office of the Authority no less than three days prior to such special meeting. Section 3.4. Quorum. A quorum of the five member Board shall consist of three Commissioners. In the absence of a quorum, no official action may be taken by, on behalf of, or in the name of the Board or the Authority. Section 3.5. Adoption of Resolutions. Resolutions of the Board shall be deemed adopted if approved by not less than a simple majority of all Commissioners present. Resolutions may but need not be read aloud prior to vote taken thereon and may but need not be executed after passage. Section 3.6. Rules of Order. The meetings of the Board shall be governed by the most recent edition of Robert's Rules of Order. 4. Miscellaneous Section 4.1. Fiscal Year. The fiscal year of the Authority shall be the same as the City's fiscal year. Section 4.2. Treasurer's Bond. The Treasurer shall give bond to the state conditioned for the faithful discharge of official duties. The bond must be approved as to form and surety by the Authority and filed with the Secretary and 2