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• <br /> (a) enter into contracts to carry out its powers and duties; <br /> III (b) provide for the prosecution, defense, or other participation in proceedings <br /> at law or in equity in which it may have an interest; <br /> (c) employ such persons as it deems necessary on a part-time, full-time or <br /> consultant basis; <br /> (d) purchase,hold or dispose of real and personal property; <br /> (e) contract for space, commodities or personal services with a member or <br /> group of members; <br /> (f) accept gifts, apply for and use grants or loans of money or other property <br /> from the state, the United States of America, and from other governmental units and may enter into <br /> agreements in connection therewith and hold, use and dispose of such money or property in <br /> accordance with the terms of the gift, grant, loan or agreement relating thereto. <br /> (g) collect and analyze data, develop strategic recommendations and <br /> implement marketing programs for the purpose of economic development and retention of existing <br /> businesses within the jurisdiction of areas of operation of the parties. <br /> • <br /> ARTICLE IX. FINANCIAL MATTERS <br /> Section 1. The fiscal year of the I-35W Corridor Coalition is the calendar year, with the <br /> understanding the initial year of operation will be a short year.. <br /> Section 2. The board shall adopt an initial budget and must thereafter adopt an annual <br /> budget prior to July 1 of each year. The board will give an opportunity to each member to <br /> comment or object to the proposed budget before adoption. Notice of the adopted budget must be <br /> mailed promptly thereafter to the chief administrative officer of each member. The budget is <br /> deemed approved by each member unless, prior to October 10th of that year a member gives <br /> written notice to the Secretary-Treasurer that the member is withdrawing at the end of the year as <br /> provided in this agreement. <br /> Section 3. Operational costs shall be shared according to a method agreed upon by <br /> unanimous vote of the Board of Directors. This method may include membership dues and fees, <br /> and charges for service to members. <br /> al <br /> U:WMMA\SUBCOMNM\I-35W\I35WJPA.DOC 7 <br />