The board may adopt, and from time to time amend, its rules and procedure. It shall make quarterly reports of its activities to the city council. The city attorney shall act as attorney for the board. An annual statement of its receipts and disbursements shall be filed with the city administrator immediately after the close of the calendar year, and shall be included as part of the annual financial statement of the city administrator in conformity with Minnesota statutes, section 471.695 et seq. (Ord. 125, 8-10-1970)