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(f) Purchase liability insurance to insure against liability of the organization and its constituent members. ARTICLE IX: FINANCIAL MATTERS Section 1. The fiscal year of the North Metro I-35W Corridor Coalition is the calendar year. Section 2. The Board shall adopt an annual membership fee schedule and operating budget prior to November 1 of the preceding year. The Board will give an opportunity to each member to comment or object to the proposed membership fee schedule and operating budget before adoption. The Board may also consider in-kind contributions made by any Member. Notice of the adopted membership fee schedule and operating budget must be mailed promptly thereafter to the chief administrative officer of each member. The membership fee schedule and operating budget for any year is deemed approved by each Member unless, prior to November 30th of the preceding year a Member gives written notice to the Secretary-Treasurer that the Member is withdrawing at the end of the year as provided in the Agreement. Section 3. Operational costs shall be shared according to the following formula: Each Member's share of the annual budget will be based 50% on the Member's population compared to the aggregate population of all Members and 50% on the Members assessed valuation compared to the aggregate assessed valuation of all Members unless the Board determines by majority vote to set an annual fee for a Member or accept an in-kind contribution. Section 4. Membership fee billings to Coalition Members are due and payable no later than 30 days after mailing. In the event of a dispute as to the amount of a billing a Member must nevertheless make payment as billed to preserve membership status. The Member may make payment subject to its right to dispute the bill and exercise any remedies available to it. Failure to pay a billing within 60 days results in suspension of voting privileges of the Member Director(s). Failure to pay a billing within 120 days is grounds for termination of membership, but the Coalition's rights to the billing are not affected by termination of membership. ARTICLE X: VICE PRESIDENT -ADMINISTRATOR Section 1. The North Metro I-35W Corridor Coalition may appoint a Vice President - Administrator. The Vice President - Administrator may be engaged as a full-time, part-time employee or on a consulting basis. Section 2. The Vice President - Administrator, if appointed, has only those powers and duties delegated by the Board. The Vice President—Administrator reports to and is responsible to the Board and shall work closely with Coalition Officers on a day-to-day basis. 5