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Section 3. Loans. <br />No loan shall be contracted on behalf of the Corporation and no negotiable paper shall be <br />issued in its name unless authorized by the Board of Directors. When so authorized, any two (2) <br />officers of the Corporation may execute and deliver promissory notes or other evidence of <br />indebtedness of the Corporation, and as security for the payment of loans, advances, and <br />liabilities of the corporation, any mortgage, pledge, or transfer real or personal property held by <br />the corporation. <br />Section 4. Checks, Drafts. <br />All checks, drafts, or orders for the payment of money issued in the name of the <br />Corporation shall be signed by two (2) or more officers of the corporation in such manner as <br />authorized by the Board of Directors. <br />Section 5. Deposits. <br />All funds of the Corporation shall be deposited to the credit of the Corporation under <br />such conditions and in such banks, trust companies, or other depositories as the Board of <br />Directors may designate. <br />Section 6. Annual Budget <br />The annual budget of estimated income, income expense and capital expense shall be <br />approved by the Board of Directors and submitted to a Member City's city council on or before <br />the 1 day of October of the year proceeding the effective date of the budget. Such budget shall <br />12 <br />