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43 <br />against loss of Authority funds in the account specified by the Board. The cost of such bond or <br />insurance is to be paid by the Board. The Board may provide for compensation of the secretary - <br />treasurer for services to the Board. <br />X. FINANCIAL MATTERS <br />Section 1. The fiscal year of the Authority is the calendar year. <br />Section 2. Authority funds may be expended in accordance with the procedures established <br />by law for statutory cities. Orders, checks and drafts must be signed by the chairman and <br />countersigned by the secretary -treasurer or such other person as may be designated by the Board in <br />its by-laws. Other legal instruments must be executed on behalf of the Authority by the chairman <br />and the secretary -treasurer. Contracts must be let and purchases made in accordance with the <br />procedures established by law for statutory cities. <br />Section 3. The activities of the Authority may be financed by funds available to it under <br />Article VIII, from voluntary contributions from its members or from other sources, and by <br />contributions from members of the Authority if it is determined by the Board by a two-thirds vote, <br />by written action or at a regular or special meeting, of all votes of then existing members, that such <br />contributions are necessary. This determination must be made by the Board not later than August 1 <br />of each year in order to obligate members to make contributions during the ensuing calendar year. <br />The total annual contribution by members for the ensuing year is established by the Board on the <br />basis of anticipated expenditures and only if the anticipated expenditures are in excess of the <br />anticipated funds otherwise available to the Authority. The contribution in any year by a member <br />must be in direct proportion to the number of votes to which the director representing the member <br />on the Board is entitled. Contributions must be made by the member to the Authority as follows: <br />one-half on or before April 1 of each year and one-half on or before September 1 of each year. <br />Section 4. An annual budget must be adopted by the Board at the regular meeting in July of <br />8 <br />1099000 SU 160-3 <br />