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(2) The Board shall form an Executive Committee, as <br />provided in Article 10. The Executive Committee may <br />exercise all powers or duties of the Board relating to the <br />execution, issuance, sale or delivery of bonds or other <br />similar obligations of the Authority. The Board may <br />delegate to the Executive Committee and the Executive <br />Committee may discharge any additional powers or duties of <br />the Board except adoption of the Authority~s annual <br />budget. Any additional powers and duties so delegated <br />shall be specified in a resolution adopted by the Board. <br /> <br /> (3) The Board may form, as provided in Article 11, <br />such other committees as it deems appropriate to conduct <br />the business of the Authority or it may delegate such power <br />to the Executive Committee in the Bylaws or by resolution <br />of the Board. The membership of any such other committee <br />may consist in whole or in part of persons who are not <br />members of the Board; provided that the Board and the <br />Executive Committee may delegate decision-making powers and <br />duties only to a committee a majority of the members of <br />which are Board members. Any committee a majority of the <br />members of which are not Board members may function only in <br />an advisory capacity. <br /> <br /> (4) The Board shall elect the officers of the <br />Authority and shall appoint or employ necessary staff in <br />accordance with Articles 9 and 12. <br /> <br /> (5) The Board shall cause to be prepared, and shall <br />review, modify as necessary, and adopt the annual operating <br />budget of the Authority. Adoption of the budget may not be <br />delegated. <br /> <br /> (6) The Board shall receive, review and act upon <br />periodic reports and audits of the funds of the Authority, <br />as required under Articles 13 and 14 of this Agreement. <br /> <br /> (7) The Board shall have such other powers and duties <br />as are reasonably necessary to carry out the purposes of <br />the Authority. <br /> <br />ARTICLE 8 <br /> <br />MEETINGS OF THE BOARD OF DIRECTORS <br /> <br /> (a) Reqular Meetinqs. The Board of Directors shall hoid <br />at least two regular meetings each year. The Board of <br />Directors shall fix by resolution or in the Bylaws the date <br />upon which, and the hour and place at which, each regular <br />meeting is to be held. <br /> <br />6 <br /> <br /> <br />