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meeting. At least forty-eight (48) hours advance notice of any <br /> ® meeting of the Executive Committee shall be given to all members <br /> of the Committee by said person or persons . <br /> IX. Powers and Duties of the Executive Committee. <br /> Section 1. The Executive Committee shall be responsible for <br /> day-to-day operations of the MPRS. Subject to provisions of the <br /> adopted budget and to any other restrictions placed upon its <br /> r <br /> authority by the Board, the Executive Committee shall have those <br /> powers given to the Board in Section VI-2 of this agreement. <br /> Section 2. Each year the Executive Committee shall prepare a <br /> proposed budget for the MPRS for the ensuing calendar year, which <br /> shall be submitted to the Board at least fifteen (15) days in <br /> advance of the- Board 's annual meeting. The Executive Committee <br /> shall receive and disburse funds of the .MPRS in accordance with <br /> the final budget for the organization subsequently adopted by the <br /> Board and in accordance with any other restrictions or directives <br /> of the Board relative thereto. The letting of contracts, the <br /> making of purchases and the disbursement of funds also shall be <br /> made in accordance with Minnesota Statutes §471.59, Subdivision <br /> 3, as far as practicable with the methods provided by law for <br /> statutory cities, and with all applicable bylaws of the MPRS. <br /> Section 3. The Executive Committee shall cause an indepen- <br /> dent audit to be made of the MPRS each year, and it shall make .an <br /> annual financial report in writing to MPRS members as soon as <br /> reasonably possible following the end of each year. The books <br /> and records of the MPRS also shall be available and open to exam- <br /> ination by MPRS members at any reasonable time during the year. <br /> -10- <br />