Except as otherwise provided in these bylaws, the Board of Directors may authorize any officer or officers, agent or agents to enter into a contract or execute and deliver any instrument in the name and on behalf of the Cooperative, and such authority may be general or confined to specific instances.
Article X Financial Transactions
All checks, drafts or other orders for payment of money and all notes, bonds or other evidences of indebtedness issued in the name of the Cooperative shall be signed by such officer or officers, agent or agents, employee or employees of the Cooperative and in such manner as shall from time to time be determined by resolution of the Board of Directors.
All funds except petty cash of the Cooperative shall be deposited from time to time to the credit of the Cooperative in such banks or other prudent and secure investments as the board may select.
Written notice of any change in the rates charged by the Cooperative for electric energy shall be given to the Rural Electrification Administration of the United States of America within the time and in the manner prescribed by law or by agreement with the Rural Electrification Administration.
The Cooperative shall conduct at least 1 membership hearing prior to the effective date of any change in the rate charged by the Cooperative for electric energy. Notice of the membership hearing shall be given in the manner prescribed in Article III of these bylaws for notifying members of the annual meeting of members.
Not later than the date that the notice of the rate hearing is issued, the Cooperative shall make available to members so requesting and local news media information relating to the nature and purpose of the rate proposals under consideration.
The fiscal year of the Cooperative shall begin on the first day of January of each year and end on the 31st day of December of the same year.
During the last quarter of the Fiscal Year, or as soon thereafter as is practical, the general manager shall present a proposed budget for evaluation by the Board of Directors.
The board shall make such modification to the proposed budget as they deems necessary for the efficient operation of the Cooperative, provided the modification is consistent with sound business management and prudent utility business practices.
The approved budget may be adjusted each quarter to reflect any changes in budget categories and/or any changes in projected needs during the current budget year, as recommended by the General Manager or the Board of Directors. The monthly financial report shall show any revised budget categories.