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powers and duties of an executive committee may be adopted only by a favorable vote of all <br />members of the board. <br />ARTICLE VIII: POWERS AND DUTIES <br />Section 1. The board may take such actions, as it deems necessary and convenient to <br />accomplish the general purposes of this agreement. <br />Section 2. The board may: <br />(a) Enter into contracts to carry out its powers and duties. <br />(b) Employ and/or hire such persons as it deems necessary on a part-time, full- <br />time or consultant basis. <br />(c) Purchase and hold personal property and accounts. <br />(d) Contract for space, commodities or services. <br />(e) accept gifts, apply for and use grants or loans of money or other property from <br />the state, the United States of America, and from other governmental and non- <br />governmental units and may enter into agreements in connection therewith and <br />hold, use and dispose of such money or property in accordance with the terms <br />of the gift, grant, loan or agreement relating thereto. <br />(f) Purchase liability insurance to insure against liability of the organization and its <br />constituent members. <br />ARTICLE IX: FINANCIAL MATTERS <br />Section 1. The fiscal year of the North Metro 1-35W Corridor Coalition is the calendar <br />year. <br />Section 2. The Board shall adopt an annual membership fee schedule and operating <br />budget prior to November 1 of the preceding year. The board will give an opportunity to each <br />member to comment or object to the proposed membership fee schedule and operating budget <br />before adoption. Notice of the adopted membership fee schedule and operating budget must be <br />mailed promptly thereafter to the chief administrative officer of each member. The membership <br />fee schedule and operating budget for any year is deemed approved by each member unless, <br />prior to November 30th of the preceding year a member gives written notice to the Secretary - <br />Treasurer that the member is withdrawing at the end of the year as provided in the Agreement. <br />Section 3. Operational costs shall be shared according to the following formula: <br />5 <br />