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iii. Two NJPA Board Members' initial terms on the Board of Trustees will expire on <br /> December 31, 2016. One of those will be replaced by an appointee of the Advisory <br /> Committee and one will be replaced by an appointee of the NJPA Board. <br /> iv. One NJPA Board Member's initial term on the Board of Trustees will expire on <br /> December 31, 2017. That Board Member will be replaced by an appointee of the NJPA <br /> Board. <br /> v. The remaining two NJPA Board Members' initial terms on the Board of Trustees will <br /> expire on December 31,2018. One of those will be replaced by an appointee of the <br /> Advisory Committee and one will be replaced by an appointee of the NJPA Board. <br /> 3.2 Upon Dissolution of the SC. In the event that the SC is dissolved,the Board of Trustees shall <br /> continue to exist and its members shall be elected or appointed solely from the governing bodies of the <br /> Participant Members to this Agreement in a manner consistent with the provisions of the Joint Powers <br /> Act, Minn. Stat.471.59, Subd. 2. Any administrative services provided by the SC prior to its dissolution <br /> shall be provided thereafter as determined by the SC Board of Directors in its discretion. <br /> SECTION 4: <br /> RIGHTS AND RESPONSIBILITIES OF THE TRUSTEES <br /> 4.1 Authorized Powers. The Trustees will exercise all lawful powers and duties necessary and <br /> incidental to the implementation of the purposes set forth herein, including,but not limited to,the <br /> adoption of by-laws to govern the functioning of the Board of Trustees,provided that no by-law or action <br /> of the Trustees will be contrary to the terms of this Agreement or statute. Pursuant to Minn. Stat.471.59, <br /> Subd.2, in addition to any other powers specifically delegated to the Trustees by this Agreement,the <br /> Trustees are hereby authorized to: <br /> i. adopt by-laws to guide the processes of the Trustees sufficient to support the day-to-day <br /> operations of the Risk Management Pool; <br /> ii. approve the annual budget; <br /> iii. contract with other parties for the provision of programs, services,expertise or as <br /> otherwise necessary for the effective operation of the Board of Trustees and the Risk <br /> Management Pool. <br /> iv. establish,procure and administer Group Employee Benefits and Other Financial and Risk <br /> Management Services; <br /> v. define and clarify requests for proposals,rights and responsibilities, length of contract, <br /> premium or contribution rates and other costs,termination guidelines,the relative <br /> liability of the parties,and the method(s)by which parties to this Agreement shall <br /> exercise their common powers; <br /> vi. receive, collect,hold, invest,expand,disburse, and account for Program Funds in <br /> connection with the exercise of its powers under this Agreement; and <br /> 6 <br /> Rev. 7/2015 <br />