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to exercise its powers, duties, and functions. This authority includes but is not limited to: employing technical experts and other employees as it may require; contracting for the services of consultants, agents, public accountants, legal services, and such other persons or services as it may need to perform its duties and exercise its powers; purchasing supplies and materials; and, using City and County facilities, offices, and staff, as respectively appointed by the City and County, in the exercise of its powers and the performance of its duties. The selection and compensation of such personnel shall be determined by the Board, in consultation with the City and County. ARTICLE IV – FINANCIAL MATTERS Section 4.1. Fiscal Year. The fiscal year of the Authority shall be the same as the fiscal year of the County, a calendar year. Section 4.2. Accounting System and Audits; Books and Records. The financial records and financial statements of the Authority shall be prepared, audited, filed, and published or posted in the manner required for the financial statements of the County by a fiscal agent for the Board appointed by the County (the “Fiscal Agent”). The books and records of the Authority shall be public records maintained in accordance with state law and with such rules, regulations, and ordinances adopted by the County for maintaining public records. Section 4.3 Expenditure of Public Money. All Authority money is public money. An Authority check or electronic funds transfer (“EFT”) must be signed pursuant to County requirements upon the request of the Chair and Administrative Director, unless as described below in Section 4.7, pursuant to the procedures provided by the Fiscal Agent. The check or EFT must state the name of the payee and the nature of the claim for which the check or EFT was issued. 4.3.2. The JDA shall develop a reimbursement policy including priority for payment to the City and County of allocated fee or other income described in the Joint Agreement. The policy shall provide for monthly reimbursement to the City and County where reasonable and practical. 4.3.4. The JDA will establish separate JDA accounts, to be managed by the Fiscal Agent, into which all revenue receipts generated by and belonging to the JDA, and those proceeds which the City and County may authorize to be borrowed as interfund loans, shall be deposited intact to the credit of such JDA accounts. 4.3.5. No disbursements shall be made from such accounts for non-JDA expenses and purposes. Section 4.4 Reports. Annually, at a time and in a form fixed by the City Council and the County Board, the Authority shall make a written report giving a detailed account of its activities and of its receipts and expenditures during the preceding calendar year, together with additional matters and recommendations it deems advisable for the economic development of the TCAAP Site. The JDA shall prepare an annual report at the end of each calendar/fiscal year and Page 3 of 8 421119v6 MTN TW185-1