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in office at any time shall constitute a uorum4.1) Quorum A majority of the Commissioners y q <br />for all purposes. In the case a quorum is not present at any meeting, those present shall have <br />the power to adjourn the meeting,without notice or other announcement at the meeting, <br />until the requisite number of Commissioners is present, and business which might have been <br />transacted at the meeting which was adjourned may be transacted at such reconvened <br />meeting. <br />4.2) Voting- In addition to a quorum being required for each meeting of the Authority in order <br />to transact business, a majority of all of the Commissioners shall be required to approve any <br />matter before the Commissioners. <br />Article 5 <br />Finance and Contracts <br />5.1) Fiscal Year-The calendar year shall be the fiscal year of the Authority for general and <br />administrative purposes;provided,however, that other fiscal years may be established by <br />resolution as required or desirable for specific purposes or undertakings of the Authority. <br />5.2) Budget-The following budgetary proceedings shall apply to the transaction of business by <br />the Authority: <br />01) A budget shall be prepared by the Executive Director. This budget shall be <br />presented to the Commissioners of the Authority for consideration in August of each year. <br />02) The budget shall include estimated revenues and the source of revenues,the costs of <br />the projects for the ensuing year, and the estimated costs for staff personnel,as well as the <br />general administrative and overhead costs estimated for the ensuing year,and a proposed <br />levy. <br />03) After full consideration of the budget, the Commissioners of the Authority shall <br />approve it and the Chair of the Authority shall submit the budget to the City Council not <br />later than the tenth day of September of each year. <br />Article 6 <br />Scope of Powers and Duties <br />6.1) Contracts and Procurement <br />01) Approval of Contract by Attorney—Contracts of the Authority shall be in writing <br />and, except when deemed unnecessary by the Authority or the Executive Director, shall be <br />approved as to form by the attorney for the Authority. <br />s:\eda\hra\Waws.doc