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t <br />C.\Docum m and Settings\=hurch\Local Settings \Tetnponry Internet Files\OLKEWPA Daft 7 clean.dac 5-1,5 <br />DRAFT 7cican <br />shall each be deemed to have started in March 2003, and shall have staggered terms such that 4 <br />have a one year term, 3 have a two year term, and 3 have a three year term. <br />C. There shall be no limit to the number of terms that a Director may serve. <br />4.3. Directors shall receive no compensation from the HEAT -SMC for serving on the Board. <br />The HEAT -SMC may reimburse Directors for reasonable expenses necessarily incurred on the <br />Board's behalf, with prior approval of the Board. <br />4.4 The Board may establish an Executive Committee to carry out any and all functions of <br />the Board that the Board may delegate to said Executive Committee. Executive Committee <br />members shall be Board members, but the exact composition of the Executive Committee shall <br />be as determined by the Board. <br />4.5 The Board may establish Advisory Committees to advise the Board or the Executive <br />Committee. Advisory Committee members need not be Board members. The composition and <br />role of an Advisory Committee shall be as determined by the Board. <br />5. Budeets and Financinp. <br />5.1 The Board annually shall adopt, by a date HEAT -SMC designates by resolution, an <br />operating budget for HEAT -SMC setting forth anticipated expenses, financing sources and <br />proposed service levels necessary to carry out the purposes of this Agreement. The budget for <br />HEAT -SMC shall distinguish between Administrative costs (i.e., the cost of operating HEAT - <br />SMC) and Program costs (i.e., the financing of the programs funded or sponsored by HEAT - <br />SMC). HEAT -SMC shall establish its fiscal year by resolution. Immediately after approving the <br />annual budget, the Board shall recommend the budget to the governing bodies of the Member <br />Agencies. The Board shall secure from each Member Agency contributions, appropriations <br />and/or commitments to contribute services or other consideration in accordance with each <br />Member Agency's obligations as determined by the Board as set forth in this Agreement. It is <br />expressly agreed and understood that the Board has no authority to bind any governing board of <br />any Member Agency to make the recommended contribution, appropriation and/or commitment <br />and that this decision rests solely with each governing body. Each Member Agency shall deposit <br />