The commission shall elect its chairman from the appointed members and fill such other offices as its bylaws may establish. The term of the chairman shall be one year. The commission shall hold at least one meeting each month and all meetings shall be open to the public. It shall adopt rules for the transaction of business and keep a record of its functions and activities, which record shall be a public record. Six commissioners shall constitute a quorum for the purpose of conducting business and exercising the powers of the commission. The commission may establish a schedule of fees to cover various services rendered and may also contract with other persons and agencies for such services as it may require, including private legal counsel and private auditing service, within the limits of its appropriations, and may incur necessary expenses. The commission may contract for, receive, and utilize any grants or other financial assistance from the United States or from any other source, public or private, in furtherance of its functions; may incur necessary expenses in obtaining said grants and/or financial assistance, within the limits of its appropriations; and shall receive and disburse such grants and/or other financial assistance in such manner as may be agreed upon by the governing body of the city and board of county commissioners.