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enter into any reasonable agreement required in connection therewith; may comply with any <br />laws or regulations applicable thereto; and may hold, use, and dispose of such money or property <br />in accordance with the terms of the gift, grant, loan or agreement relating thereto. <br />Subdivision 19. It may make contracts, incur expenses and make expenditures necessary <br />and incidental to the effectuation of these purposes and powers and may disburse therefor in the <br />manner hereinafter provided. <br />Subdivision 20. It shall cause to be made an annual audit by a certified public accountant <br />or the state auditor of the books and accounts of the LRRWMO and shall make and file a report <br />to its Member Cities at least once each year including the following information: <br />a. the approved budget; <br />b. a reporting of revenues; <br />c. a reporting of expenditures; <br />d. a financial audit report or section that includes a balance sheet, a classification of <br />revenues and expenditures, an analysis of changes in final balances, and any <br />additional statements considered necessary for full financial disclosure; and <br />e. the status of all LRRWMO projects and work within the Watershed; <br />Copies of said report shall be transmitted to the Clerk of each Member City. <br />Subdivision 21. Its books, reports and records shall be available for and open to <br />inspection by its Member Cities at all reasonable times. <br />Subdivision 22. It may recommend changes in this agreement to its Member Cities. <br />Subdivision 23. It may exercise all other powers necessary and incidental to the <br />implementation of the purposes and powers set forth herein and as outlined and authorized by <br />Minnesota Statutes, Sections 103B.201 through 103B.255. <br />Subdivision 24. It shall cooperate with the State of Minnesota, the Commissioner of <br />Natural Resources and the Director of the Division of Waters, Soils and Minerals of the <br />Department of Natural Resources in complying with the requirements of Minnesota Statutes, <br />Chapter 103G. <br />Subdivision 25. Each Member City reserves the right to conduct separate or concurrent <br />studies on any matter under study by the LRRWMO. <br />Subdivision 26. It shall establish a procedure for establishing citizen or technical <br />advisory committees and provide other means of public participation. <br />Subdivision 27. Where the LRRWMO is authorized or requested to review and make <br />recommendations on any matter, the LRRWMO shall act on such matter within sixty (60) days <br />of receipt of the matter referred. Failure of the LRRWMO to act within sixty (60) days shall <br />constitute approval of the matter referred, unless the LRRWMO requests and receives from the <br />438695v4 LW105 -1 <br />8 <br />