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NOV 12 '96 02:04PM DUFFORD & WALDECK P.3 4. Governina Board. The Board of Directors ofOMID (the "Board of Directors") shall be the Governing Board of the MMLE. The Governing Board shall conduct the business of the MMLE in the same manner and follow the same procedures as the Board of Directors , All public business of the MMLE shall be conducted only during regular or special meetings of the Board of Directors at which a quorum of directors. as defined by the OMID bylaws, is present The record of proceedings of the Governing Board may be incorporated into the minutes of the Board of Directors. No additional oaths, bonds, or other qualifications shall be required of the Governing Board. All actions of the Governing Board shall be considered to be the actions and business of the MMLE. 5. Officers. The MMLE shall have a Manager to whom the Governing Board may delegate control of affairs and business of the ~ under the Governing Board's general supervision. The Manager ofOMID shall be the Manager of the l\1MLE. 6. Gran1S. The MMLE shall not accept or receive any revenue in Grants (as defined in the Act) from any State or local government in excess often percent of total annual revenues of the Mlvfi..E. 7. Accountin~. A separate enterprise fund shall be established to account for all revenues and expenditures of the MMLE. The:MMLE shall prepare an annual budget and perform an annual audit, which may be included in the budget or audit of OMID. All budgets, reports, audits, and financial operations of the MMLE shall be prepared in accordance with and conform to generally accepted accounting principles. All contracts of the MMLE shall recite that the contract has been entered in an enterprise capacity; all obligations of the l\.1MLE shall be binding upon the MMLE, and not OMID; and, all expenditures by the MMLE shall be made solely from the enterprise fund. 8. Continuina Validitv. If any term, section or provision of this Resolution is determined to be invalid or unenforceable, the invalidity or unenforceability of that term. section or provision shall not affect the continuing validity of any other provision of this Resolution. 9. TABOR Effect OMID takes the position that it is not subject to the provisions of Article X, Section 20 of the Colorado Constitution ("TABOR"). Nothing in this Resolution shall be considered as evidence that OMID is subject to the provisions of TABOR or as a waiver ofOMlD's position that it is not subject to the provisions of TABOR .,~ ADOPTED this 2-. day of Octob.... 1996~ ~ ~~ ARRY ER ~ ,,11 - '. K$ff MEL VIN RETTIG 2