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v. Verify and report in writing on .~ ouar-te~" v <br /> basis to Authority and to member jurisdi<"',"f"'.= <br /> the amount of receipts since the last rep~. <br /> and the amounts paid out since the last <br /> report; and <br /> <br /> vi. Invest Authority funds in accordance with <br /> <br /> paragraph 8a(ix) . <br /> <br /> c. Audit. There shall be strict accountability of <br /> <br />Authority funds. The Auditor of the acencv from which the A{i~ .......'. <br />?reasurer is selected shall be the Auditor for Authority. The <br /> <br />Auditor shall: <br /> <br /> i. Report all receipts and disbursements to <br /> Authority. <br /> <br /> ii. }~ake or contract to make an annual audit of <br /> <br /> Authority pursuant to requirements of <br /> Governrent Code Section 6505. <br /> <br /> d. ProDertv 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 />A~thority shall require such person or persons to file an <br /> <br />o~l=ficial bond in an amount of at least Five Hundred Thousand <br />D= ~iars ($50O,000). Upon creation by the ~3oard of a position <br />g{=neral manager (by whatever title chosen), the general manager <br />s. ha]l also have the authority and resnonsibility provided hy <br /> <br /> e. BudGet. A procedure for adoption of an annual <br /> <br />budget may be set forth in the Bylaws of Authority. <br /> <br /> -11- <br /> <br /> <br />