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IX. OFFICERS <br />Section 1. The officers of the Commission shall consist of a chair, a vice -chair, and a <br />secretary/treasurer. Officers of the Commission shall be elected annually for one-year terms. <br />Officers shall be limited to two consecutive one-year terms in a given office. <br />Section 2. A vacancy in the office of chair, vice -chair, or secretary/treasurer shall occur <br />for any of the reasons for which a vacancy in the office of a director shall occur. Vacancies in <br />these offices shall be filled by the Commission for the unexpired portion of the term. <br />Section 3. The three officers shall all be members of the executive committee. <br />Section 4. The chair shall preside at all meetings of the Commission and the executive <br />committee. The vice -chair shall act as chair in the absence of the chair. <br />Section 5. The secretary/treasurer shall be responsible for keeping a record of all of the <br />proceedings of the Commission and executive committee and shall be responsible for custody of <br />all funds, for the keeping of all financial records of the Commission and for such other matters as <br />shall be delegated by the Commission. The Commission may require that the secretary/treasurer <br />post a fidelity bond or other insurance against loss of Commission funds in an amount approved <br />by the Commission, at the expense of the Commission. Said fidelity bond or other insurance may <br />cover all persons authorized to handle funds of the Commission. <br />Section 6. The Commission may appoint such other officers as it deems necessary. All <br />such officers shall be appointed from the membership of the Commission. <br />X. FINANCIAL MATTERS <br />Section 1. The fiscal year of the Commission shall be the calendar year. <br />Section 2. Commission funds may be expended by the Commission in accordance with <br />the procedures established by law for the expenditure of funds by Minnesota Statutory Cities. <br />Orders, checks and drafts must be signed by any two of the officers. Other legal instruments shall <br />be executed, with authority of the Commission, by the chair and secretary/treasurer. Contracts <br />shall be let and purchases made in accordance with the procedures established by law for <br />Minnesota Statutory Cities. <br />Section 3. The financial contributions of the Members in support of the Commission <br />shall be in direct proportion to the percent of annual franchise fee revenues of each Member to <br />the total franchise fee revenues of the System for the prior year multiplied by the <br />Commission's total annual assessment to the Members. <br />Section 4. A proposed budget for the ensuing calendar year shall be formulated by the <br />Commission and submitted to the Members on or before October 15. Final action adopting a <br />budget for the ensuing calendar year shall be taken by the Commission on or before December <br />15 of each year. <br />5 <br />