RES 84429 - Laserfiche WebLink

SECTION 14. Contributions and Advances. Contributions or advances of public funds and of personnel, equipment or property may be made to the Authority by each of the Cities for any of the purposes of this Agreement. Payment of public funds may be made to defray the cost of any such contribution. Any such advance may be made subject to repayment, and in such case shall be repaid, in the manner agreed upon by each of the Cities, as the case may be, and the Authority at the time of making such advance. SECTION 15. ~C_cRU~.~j_JqU..R~9~. The Authority shall establish and maintain such funds and accounts as may be required by good accounting practice and by any provision of any resolution or indenture o( the Authority securing the Bonds. The books and records of the Authority shall be open to inspection at all reasonable times by each of the Cities and their ~epresentatives. The Authority shall give an inOependent audited written report of all financial activ~ties for each fiscal year to each of the Cities within 120 days after the close of each fiscal year. Ihe auditor'~uut,oli:F uf the Authority shall either' make or contract with a certified public accountant or public accountant to make an annual audit of the accounts and records of the Authority. In each case the minimum requirements of the audit shall be those prescribed by the State Controller for special districts under Section 269D9 of the Government Code of the State of California and shall conform to generally accepted auditing standards. When such an audit of accounts and records is made by a certified public accountant or public accountant, a report thereof shall be filed as public records with each of the Cities. Such report shall be filed within 12 months of the end of the fiscal year under examination, Any costs of the audit, including contracts with, or employment of, certified public accountants or public accountants in making an audit pursuant to this Section, shall be borne by the Authority and shall be a charge against any unencumbered funds of the Authority available for the purpose. In any year in which the annual budget of the Authority does not exceed five hundred dollars ($500), the Board may, by unanimous vote and with the approval of each of the Cities, replace the annual special audit with an audit covering a two-year period. All the books, records, accounts and files referred to in this Section shall be open to the inspection of holders of Bonds to the extent and in the manner provided in any resolution or indenture providing for the issuance of Bonds, SECTION 16. Breach. If default shall be made by either of the Cities in any covenant contained in this Agreement, such default shall not excuse either any of the Cities from fulfilling its obligations under this Agreement~ and each of the Cities shall continue to be liable for the performance of all conditions herein contained. Each of the Cities hereby declares that this Agreement is entered into for the benefit of the Authority created hereby, and each of the Cities hereby grants to the Authority the right to enforce by whatever lawful means the Authority deems appropriate all of the obligations of each of the parties hereunder. Each and all of the remedies given to the Authority hereunder or by any law now or -6-