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Quorum and Voting <br /> 4.1) �)-- m-A majority of the Commissioners in office at any time shall constitute a quorum <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) Votin - 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 Yq -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) Budge -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) Conntr cts and Procurement <br /> (01) A xroval of Contract i �,A,ttorner....—Contracts of the Authority shall be in writing <br /> � 1 . .., 5. mm _ <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 /> r.Vda\hra\�ylan tr.&v <br /> 5160130 JSB EL185-13 <br />