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v. Verify and report in writing on a quarterly <br />basis to Authority and to member jurisdictions <br />the amount of receipts since the Iasi report, <br />and the amounts paid out since the Iasi <br />report; and <br />vi. Invest Authority funds in accordance ~vith <br />paragraph 8a( ix) . <br />c. Audit. There shall be strict accountability of all <br />Authority funds. The Auditor of the agency from which the Agency <br />Treasurer is selected shall be the Auditor for Authority. The <br />Auditor shall: <br />i. Report all receipts and disbursements to <br />Authority. <br />ii. Make or contract to make an annual audit of <br />Authority pursuant to requirements of <br />Government Code Section b505. <br />d. pror~erty Custodian. The Authority Treasurer shall <br />have charge, handle, and/or have access to any property of <br />Authority and, pursuant to Government Code Section 6505.1-, the <br />Authority shall require such person or persons to file an <br />official bond in an amount of at least Five Hundred Thousand <br />Dollars (S50n,000}. Upon creation by the Board of a position of - <br />general manager (by whatever title chosen), the general manager <br />shall also have the authority and responsibility provided by this <br />section. <br />e. Buc~aet. A procedure for adoption of an annual <br />budget may be set forth in the Bylaws of Authority. <br />-11- <br />