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ARTICLE V. <br />FINANCIAL MATTERS <br />Section 1. The Commission shall request of the Members the <br />expenditure of funds necessary to support the accomplishment of its <br />purposes. Such funds shall be expended by the Members in accordance <br />with the procedures established by law for the expending of funds <br />for Minnesota statutory cities. Legal instruments shall be executed <br />with the authority of the Commission, by the Chair and the <br />Secretary -Treasurer. <br />Section 2. Any Member may be permitted to inspect and copy <br />the Commission books and records at any and all reasonable times. <br />Section 3. The fiscal year of the Commission shall be the <br />calendar year. <br />Section 4. A depository for Commission funds shall be <br />designated by the Board. All books and records shall be kept in <br />accordance with normal and accepted accounting procedures and <br />principles used by Minnesota Statutory Cities. <br />Section 5. At the end of each calendar year, the Secretary - <br />Treasurer shall make an annual financial report and submit the same <br />in writing to the Board at its next meeting. The Board shall submit <br />said report, after its approval, to the Council of each Member. <br />ARTICLE VI. <br />OFFICERS <br />Section 1. The officers of the Commission shall be the Chair, <br />Vice -Chair and Secretary -Treasurer, each of whom shall serve for a <br />one-year term, or until replaced by action of the Commission. <br />- 3 - <br />