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required in connection therewith and may hold, use and dispose of <br />such moneys or property in accordance with the terms of the gift, <br />grant, loan or agreement relating thereto. <br /> <br /> Section 7. It shall cause an annual independent audit of the <br />books to be made and shall make an annual financial accounting and <br />report in writing to the members. Its books and records shall be <br />available for and. open to examination by its members at all <br />reasonable times. <br /> <br /> Section 8. It shall establish the annual budget for the <br />organization as provided in this agreement. <br /> <br /> Section 9. It may delegate authority to the executive <br />committee of the board, between board meetings. Such delegation of <br />authority shall be by resolution of the board and may be <br />conditioned in such manner as the board may determine. <br /> <br /> Section 10. It may accumulate and maintain reasonable working <br />capital reserves and may invest and reinvest funds not currently <br />needed for the purposes of the organization. Such investment and <br />reinvestment shall be in accordance with and ~ubject to the laws <br />applicable to the investment of village funds. <br /> <br /> Section 11. It shall make its data processing and management <br />information systems available to its members, subject to reasonable <br />charges for the development and processing thereof. <br /> <br /> Section 12. It may pay the reasonable and necessary expenses <br />of officers, directors and alternates incurred in connection with <br />their duties as such, but this shall not include the expenses of <br />attending meetings of LOGIS within the seven county twin city <br />metropolitan area. <br /> <br /> Section 13. It may provide for any of its employees to be <br />members of the Public Employees Retirement Association and may make <br />any required employer contributions to that organization and any <br />other employer contributions which municipalities are authorized or <br />required by law to make. <br /> <br /> Section 14. It may purchase public liability insurance and <br />such other bonds or insurance as it may deem necessary. <br /> <br /> S6ction 15. It may exercise any other power necessary and <br />incidental to the implementation of its powers and duties. <br /> <br />VII. OFFICERS <br /> <br /> Section 1. The officers of the board shall consist of a <br />president, a vice-president and a secretary-treasurer who shall be <br />elected at the regular annual meeting of the board held in even <br />numbered years after 1972. New officers shall take office at the <br />adjournment of the annual meeting of the board at which they are <br />elected. <br /> <br />DJK62837 <br />LG100-2 5 <br /> <br />lab- <br /> <br /> <br />