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2 <br /> 4. Term of Office. Subject to¶N. 1, of the Agreement,each Joint <br /> Board member shall serve at the pleasure of the appointing authority or until the <br /> project is completed. <br /> 5. Officers. At its first meeting, the Joint Board shall elect a Chair <br /> and other officers as deemed necessary from among its members. Thereafter,the <br /> election of Chair and other officers, and their terms and duties, shall be governed <br /> by the Joint Board's bylaws as adopted by the Board and approved by both the <br /> City and the Tribe. <br /> 6. Powers and Duties of the Joint Board. Except as otherwise <br /> provided in this Agreement or by applicable law,the Joint Board shall have the <br /> authority to address all financial management, disbursement of Project funds, <br /> Project budgeting, construction management,bidding, insurance issues, liability <br /> issues,payment schedules and claims arising in connection with its duties to <br /> oversee construction administration of the Project. <br /> 7. Meetings,Notice. The Joint Board shall hold regular(monthly??) <br /> meetings and may conduct any lawful business at any regular meeting. The Joint <br /> Board may hold special meetings on at least twenty-four(24) hours actual notice <br /> from the Chair to each Board member regarding the business to be conducted at <br /> that meeting. <br /> 8. Quorum. The minimum number of Board members necessary to <br /> do business at any regular or special meeting shall be three (3). <br /> 9. Financial Management: The Joint Board shall have authority over <br /> the funds deposited into an account created by the Tribe and City under the <br /> Settlement Agreement. No Project funds shall be disbursed or obligated except <br /> upon the approval of the Joint Board at a regular or special meeting. The Joint <br /> Board shall not disburse any Project funds from the account without at least two <br /> (2) Joint Board members having first affixed their signatures to the authorizing <br /> motion or resolution; Provided,that at least one signature shall be required from <br /> each appointing authority. <br /> 10. Record Keeping. Transaction records and reconciling the deposit <br /> account of the Joint Board shall be done by the City's Utility accounting <br /> personnel which shall make monthly reports to the Joint Board which shall <br /> resolve any discrepancies which may appear. <br /> 11. Investment of Funds. The arrangement governing the handling and <br /> distribution of funds in the Account shall require compliance with the State-law <br /> requirements governing the City of Everett's financial investments. <br /> 3 <br />