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Brainerd City Code 305.19 Subd. 7 continued by the Commission as authenticated by signature of a commissioned member from the City and the County. The City shall account for the Fund and the custody of the cash and the bank account shall be in the hands of the City Treasurer. These officers shall make reports to the Commission at reasonable intervals as determined by the Commission. For purposes of budgeting, accounting and reporting, the fiscal year of the Commission and the Fund shall commence on January 1. An audit of the Fund shall be made annually. Such audit may be made independently of or in conjunction with any audit, which may be made of the funds of the City. The Airport Commission shall maintain employee dishonesty insurance coverage for all employees of the Airport Commission. Subd. 8 Reports. The Commission shall, as soon as possible after the end of each calendar year, prepare and present to the City Council and County Board a comprehensive annual report of its activities. The Commission shall also prepare and present to Federal and State officials such reports as may be required by law, regulation or contract. Subd. 9 Termination. In the event the City or County repeal this Ordinance, the powers of the Commission under this Ordinance shall continue to the extent necessary to maintain and operate the airport until disposition of the property acquired under this Ordinance has been completed pursuant to subdivision 10 hereof. Subd. 10 Disposition of Property Upon Termination. As soon as practicable after termination of this agreement, the City Council and the County Board shall dispose of all property acquired under the agreement, including surplus funds, in any manner they shall then agree upon. If no agreement as to disposition is reached within three months after termination of this agreement, the City Council shall, within 30 days thereafter, appoint some person, who may be a City Official, as its representative: the County shall similarly appoint a representative; and the Minnesota Commissioner of Aeronautics shall appoint a third person, who shall together constitute an advisory board on disposition of the airport property. This board shall as soon as possible prepare and recommend to the City Council and County Board a complete plan for the disposition of all property acquired under this agreement, and such plan shall provide for the continuation of the use of the property as a public airport, if practicable. Upon termination of this agreement each party shall provide for the payment of principal and interest on its outstanding bonds issued as a result of this agreement, and in the absence of another arrangement mutually agreed upon each party shall assume the payment of debts and liabilities incurred by the Commission in the same proportion as it is required to contribute to the joint current airport fund under section 6. Subd. 11 Enforcement. Specific performance of the provision of this agreement may be enforced against either party by the other party. Subd. 12 Amendments. Ordinances Numbers 433, 671, 805, and 856 are hereby repealed. (Amended Ord. 900— 1991, Ord. 1022 — 1996, Ord. 1181 —2002)