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<br />06/03/2905 14:52 FAX 651 735 6746 <br /> <br />LAW OFFICES <br /> <br />~017 <br /> <br />Subdivision 11. ReseTV'e Funds. The Board may accumulate reserve funds for the <br /> <br /> <br />purposes herein mentioned and may invest funds of the Board not currently needed for its <br /> <br /> <br />operations in the manner and subject to the laws of Minnesota applicable to statutory cities. <br /> <br /> <br />Subdivision 12. Monies Collectable. The Board may collect monies, subject to the <br /> <br /> <br />provisions of this Agreement, from the Parties and from any other source approved by a majority <br /> <br />of the Board. <br /> <br />Subdivision 13. Contracts. The Board may make contracts, incur expenses and make <br /> <br />expenditures necessary and incidental to the effectuation of these puzposes and powers al1d may <br /> <br />disburse therefore in the manner hereinafter provided. Every contract for the purchase or sale of <br /> <br />merchandise, materials or equipment by the Board shall be let in accordance with the Unifonn <br /> <br />Municipal Contracting Law. No member or employee of the Board or officer or employee of any <br /> <br />of the Parties shall have a direct or indirect financial interest in any contract made by the Board. <br /> <br />Subdivision 14. SurveyS. The Board may make necessary surveys or utilize other reliable <br /> <br />surveys and data and develop projects to accomplish the purposes for which the Board is <br /> <br />organized. <br /> <br />Subdivision 15. Other Governmental Units and Agencies. The Board may cooperate or <br /> <br />contract with the State of Minnesota. or any subdivision thereof or Federal Agency or private or <br /> <br /> <br />public organization or person to accomplish the purposes for which it is organ;zed. <br /> <br /> <br />Subdivision 16. Storm and Surface Waters. The Board shall regulate, conserve and <br /> <br /> <br />contToJ the use of stonn and surface water within the Watershed pursuant to its adopted plan. <br /> <br /> <br />Subdivision 17. Insurance. The Board shall purchase insurance in order to cover the <br /> <br /> <br />Commissioners) Board and Parties in an amount sufficient to satisfy the liability limitations as set <br /> <br />.~. <br /> <br />16 <br />