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<br />shall be public records maintained in accordance with state law and with such rules, regulations, <br />and ordinances adopted by the County for maintaining public records. <br /> <br /> Section 4.3 Expenditure of Public Money. All Authority money is public money. An <br />Authority check or electronic funds transfer (“EFT”) must be signed pursuant to County <br />requirements upon the request of the Chair and Administrative Director, unless as described <br />above below in Section 3.7,4.7, pursuant to the procedures provided by the Fiscal Agent. The <br />check or EFT must state the name of the payee and the nature of the claim for which the check or <br />EFT was issued. <br /> <br /> 4.3.2. The JDA shall develop a reimbursement policy including priority for <br />payment to the City and County of allocated fee or other income described in the Joint <br />Agreement. The policy shall provide for monthly reimbursement to the City and County where <br />reasonable and practical. <br /> <br /> 4.3.4. The JDA maywill establish independentseparate JDA bank accounts, to be <br />managed by the Fiscal Agent, into which all revenue receipts generated by and belonging to the <br />JDA, and those proceeds which the City and County may authorize to be borrowed as interfund <br />loans, shall be deposited intact to the credit of such JDA accounts. <br /> <br /> 4.3.5. No disbursements shall be made from such accounts for non-JDA <br />expenses and purposes. <br /> <br /> Section 4.4 Reports to the City and County. Annually, at a time and in a form fixed <br />by the City Council and the County Board, the Authority shall make a written report giving a <br />detailed account of its activities and of its receipts and expenditures during the preceding <br />calendar year, together with additional matters and recommendations it deems advisable for the <br />economic development of the TCAAP Site. The JDA shall prepare an annual report at the end of <br />each calendar/fiscal year and submit such report to the City and County not later than February <br />15 of the succeeding calendar/fiscal year. The JDA shall also prepare and present to federal and <br />state officials such reports and audits as may be required by law, regulation, or contract. <br /> <br /> Section 4.5 Financial Statement. Annually, or more often as requested by the City and <br />County, the Authority shall examine the Fiscal Agent’s detailed financial statements, together <br />with the Fiscal Agent’s vouchers, filed with the Board. The financial statement must show all <br />receipts and disbursements, their nature, the money on hand, the purposes to which the money on <br />hand is to be applied, the Authority’s credits and assets, and its outstanding liabilities in a form <br />required for the city’s financial statements. If the Authority finds that the statement and <br />vouchers are correct, it shall approve them by resolution, enter the resolution in its records and <br />provide copies to the City Council and the County Board. <br /> <br /> Section 4.6 Budget; Finance Matters. The Authority shall prepare an annual budget. <br />With the first annual budget and in subsequent years, the JDA shall each year prior to May 1 <br />prepare an annual operations budget that estimates funding required by the JDA to conduct its <br />business over the next calendar year. The JDA shall coordinate its budget process with the City <br />and County budget planning process. Prior to September 1 of each year, the JDA shall, after its <br /> Page 4 of 10 <br />421119v56 MTN TW185-1