Agenda - Council - 05/09/1995 - Laserfiche WebLink

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exeCUted until the Board has approved such action. The Board may authorize any officer or officers, agents, or agents, to enter into a contract or execute and deliver an insmm~ent in the name of and on behalf of the organization. 5 Section 4. It shall e~ab~ an anmml budget. It may invest or reinvest funds not needed for ~ent operating expenses, ia.ny, in the manner applicable by laws to cities. It shall not at any tim~ incur obligations in excess of funds then available to it. Organization funds may be expended by the Board in accordance with procedure established by laws for the expenditure of funds by statutory cities. Orders, checks, and dra~s shall be signed by the chair and countersigned by the vice chair. Other legal instruments shall be executed on behalf of the Board by the chair and vice chair. ~ Section 5. It shall make a financial accounting and report to the parties at least once each y~ and its books and records shall be audited annually and be available for and open to examination by the parties at all reasonable times. ~ Section 6. It may accept g/tis, apply for and use grants of money or other property from the~state, Anoka County, or any other govemmentaI or private organization, and' may en,ter into agreements required in connection therewith and may hold, use, and dispose of such monies or property in accordance w/th the terms of the ~_o~, grant, loan, or agreement relating thereto. ~ Section 7. It shall indemnify directors, officers, and employees against claims for danmges, costs, and expenses incurred by any of such persons in connection with any action, suit, or proceeding in which he may be involved by reason of his having been a director, officer, or employee, and may obtain liability insurance therefore. Such indemnification need not be exclusive of other rights to Which any such person would otherwise be entitled as a matter oflaw. Section 8. It may exercise any other power necessary and incidental to the implementation of{ts powers and duties under the provisions of this Agreement. ARTICLE V. M~EETINGS, ELECTIONS, AND DUTIES OF OFFICERS : Section 1. Anoka County agrees to convene the organizational meeting of NWACCC. Section 2. At the first meeting of the Board of Directors of NWACCC, the Board shall elect fi.om its members a chair and vice chair. The new officers shall take office for a period of one year at~er the date on which they are elected. I I I I I I I I I I I I I I I I - 3 I i