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ARTICLE VIII. POWERS AND DUTIES <br /> <br />Section 1. The board may take such actions, as it deems necessary and convenient to accomplish the <br /> <br />general purposes of this agreement. <br /> <br />Section 2. The board may: <br />(a) Enter into contracts to carry out its powers and duties; <br />(b) Employ such persons as it deems necessary on a part-time, full-time or consultant basis; <br />(c) Purchase and hold personal property and accounts: <br />(d) Contract for space, commodities or personal' services with a member or group of members; <br />(e) Accept gifts, apply for and use grants or loans of money or other property from the state, the <br />United States of America, and from other governmental and non-governmental units and may enter into <br /> <br />agreements in connection therewith and hold, use and dispose of such money or property in accordance with <br />the terms of the gift, grant, loan or agreement relating thereto. <br /> <br /> (f) Collect and analyze data, develop strategic recommendations and. implement marketing <br /> <br />programs for thc purpose of economic development and retention of existing businesses within the <br />jurisdiction of areas of operation of the parties. <br /> <br /> (g) Purchase liability insurance to insure against liability of the organization and its constituent <br />members. <br /> <br />ARTICLE IX. FINANCIAL MATTERS <br /> <br />Section 1. The fiscal year of the North Metro Trunk Highway 10 Corridor Coalition is the calendar year. <br />Section 2. The Board shall adopt an initial budget for 1999 and 2000 as soon as is reasonably possible <br /> <br />and must thereafter adopt an annual budget for each year prior to July I of the preceding year. The board <br />will give an opportunity to each member to comment or object to the proposed budget before adoption. <br />Notice of the adopted budget must be mailed promptly thereafter to the chief administrative officer of each <br />member. The budget for any year is deemed approved by each member unless, prior to October 10th of the <br />preceding year a member gives written notice to the Secretary-Treasurer that the member is withdrawing at <br />the end of the year as provided in the Agreement. <br /> <br /> <br />