(1) Meet at such times and places as it shall determine necessary or convenient to perform its duties;
(2) Maintain minutes of its meetings;
(3) Adopt rules and regulations for the transaction of its business;
(4) Accept applications for disbursements of available moneys from the trust fund for residential housing projects; and
(5) Maintain or cause to be maintained records of all expenditures of the commission, all funds received, and all disbursements made.
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