RES 97108 - Laserfiche WebLink

Financial Officer/Treasurer and Secretary assume the duties of their offices upon formation of ABAG POWER. If either the Chair or Vice-Chair ceases to be a director, the resulting vacancy will be filled at the next meeting of the Board. (c) The Chair and Vice-Chair are not entitled to compensation. The Board may authorize reimbursement of expenses incurred by officers. (d) The Board may create such other offices and appoint individuals to such offices as it considers either necessary or convenient to carry out the purposes of this Agreement. 11. Limitatii3n On Liability of Members for Debts and Obligations of ABAG POWER. Pursuant to Government Code Section 6508.1, the debts, liabilities. and obligations of ABAG POWER do not constitute debts, liabilities, or obligations of any puny to this Agreement. A Member may separately contract for or assume responsibility for specific debts, liabilities, or obligations of ABAG POWER. 12. Fiscal Year. The first fiscal year of ABAG POWER is the period from the date of this Agreement through December 31, 1998. Each subsequent fiscal year of ABAG POWER ends on December 31. 13. Budget. The Board may adopt, at its sole discretion, an annual or multi-year budget not later than sixty (60) days before the beginning of a fiscal year. 14. Annual Audits and Audit Reports. The Chief Financial Officer/Treasurer will cause an annual financial audit to be made by an independent certified public accountant with respect to all ABAG POWER receipts, disbursements, other transactions and entries into the books. A report of the financial audit will be filed as a public record with each Member. The audit will be filed no later than required by State law. ABAG POWER will pay the cost of the financial audit and charge the cost against the Members in the same manner as other administrative costs. 15. Establishment and Administration of Funds. (a) ABAG POWER is responsible for the strict accountability of all funds and reports of all receipts and disbursements. It will comply with every provision of law relating to the establishment and administration of funds, particularly Section 6505 of the California Government Code. (b) The funds will be accounted for on a full accrual basis. , (c) The Chief Financial Officer/Treasurer will receive, invest, and disburse funds only in accordance with procedures.established by the Board and in conformity with applicable law. The Chief Financial Officer/Treasurer will procure a fidelity bond. 5 ABAG POWER JPA