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and hold, use and dispose of such money or other property and assistance in accordance with the terms of the gift, grant or loan relating thereto. All powers granted herein shall be exercised by the governing board in a fiscally responsible manner and in accordance with the requirements of law. The governing board may cooperate with other federal, state and local law enforcement agencies to accomplish the purpose for which it is organized. 3.08 Insurance The governing board must obtain and maintain liability insurance in amounts not less than the statutory liability limits established under Minn. Stat. Ch. 466 and may obtain other insurance it deems necessary to insure the parties, the governing board, its members and employees of the parties for actions arising out of this Agreement. Any excess or uninsured liability shall be borne equally by all the members, but this does not include the liability of any individual officer, employee, or volunteer which arises from his or hot- own erown malfeasance, willful neglect of duty, or bad faith. IV. BUDGET AND FINANCE 4.01 Budget By March 31 of each year the governing board shall prepare and adopt a budget for the following calendar year and may amend the same from time to time. 4.02 Expenses The parties intend to fund EMS through an equal, annual contribution paid by each party. The governing board shall establish the contribution by March 31 of the year prior to the year when the contribution is payable. The parties agree to pay the contribution as determined by the governing board on or before January 31 of the year following the determination. These funds may be paid from grants funds, drug forfeitures, and any funds voluntarily contributed by any member. 4.03 Accountability The Roseville Police Department shall act as the fiscal agent for EMS. All funds shall be accounted for according to generally accepted accounting principles. A report on all receipts and disbursements shall be forwarded to the parties quarterly and on an annual basis. V. POSITIONS 5.01 Team Commander The Team Commander shall be a licensed peace officer appointed by the governing board. Appointment as Team Commander pursuant to this agreement shall not obligate any party to pay to its employees so appointed either supervisory or other premium pay. 5.02 Leadership Positions The Team Commander shall appoint licensed peace officers to serve as executive officers, and team leaders subject to approval of the governing board. Appointment to a leadership position pursuant to this agreement shall not obligate any party to pay to its employees so appointed either supervisory or other premium pay. Peace officers assigned to leadership positions within EMS at all times will remain employees of the members' own jurisdictions and will not be employees of the governing board.