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43 ARTICLE V. FINANCIAL MATTERS Section 1. Commission funds may be expended in accordance with the procedures established bylaw for the expending of funds by Minnesota Statutory Cities. Orders, checks, drafts and other legal instruments shall be signed by any two officers. Contracts shall be let and purchases made in accordance with the procedures established by law for Minnesota Statutory Cities. Section 2. Directors and Alternate Directors shall be permitted to inspect the financial records of the Commission at all reasonable times. Section 3. The fiscal year of the Commission shall be the calendar year. Section 4. A depository for Commission funds shall be designated by the Commission. Section 5. At the end of each calendar year the Secretary/Treasurer shall cause to be made an annual financial audit and report and submit the same in writing to the Commission. Section 6. Any Member may inspect and copy the Commission books and records at any and all reasonable times. All books and records shall be kept in accordance with normal and accepted accounting procedures and principles used by Minnesota Statutory Cities. ARTICLE VI. OFFICERS Section 1. The officers and their duties shall be those set forth in Article IX of the Agreement. ARTICLE VII. EXECUTIVE COMMITTEE Section 1. The Executive Committee shall consist of the three (3) officers of the Commission. Section 2. Two (2) Members of the Executive Committee shall constitute a quorum. Section 3. Each Member of the Executive Committee shall have one (1) vote at any meeting of the Executive Committee. Executive Committee action shall require the affirmative vote of a majority of its Members present. Section 4. The Executive Committee shall meet at the call of the Chair or any two (2) Members of the Executive Committee. Notice of an Executive Committee meeting shall be given in 3