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DES:sh 12/30/85 <br /> DES:sh 1/19/86R <br /> DES:sh 2/03/86R <br /> · DES:sh 2/20/86R <br /> <br />Management and/or any Project or Projects. Such committees shall <br />be composed of such persons as the Board shall determine; <br />provided, however, 'that such membership shall not necessarily be <br />limited to persons representing, or associated with, the Parties. <br />The purpose and the function of any such committee or committees <br />shall be specified by the Board. <br /> <br />XV. Funds and Expenditures. <br /> <br /> This Agreement requires strict accountability of all funds <br /> <br />and report of all receipts and disbursements as follows: <br /> <br /> (a) Each and every expenditure of moneys shall be <br /> authorized or approved by the Board or by a person <br /> designated by the Board to authorize expenditures. The <br /> <br /> Treasurer shall draw warrants to pay demands so authorized <br /> for payment by the Board. <br /> <br /> (b) Before the Authority may expend any moneys or <br /> incur any financial obligation, it shall adopt a General <br /> Budget and,'if applicable, a Capital Budget showing proposed <br /> expenditures for the applicable Fiscal Year and the proposed <br /> means of financing such expenditures. The budget or budgets <br /> shall be adopted on or before April 30 of each year for the <br /> ensuing Fiscal Year. <br /> <br /> (c) Each Party agrees to review and to provide its <br /> share of its budgetary obligation. The initial method for <br /> determining the Parties' proportionate shares of the General <br /> Budget prior to the acquisition, construction and operation <br /> of a Project or Projects is set forth in Exhibit "A" <br /> attached hereto, and incorporated herein by this reference. <br /> <br /> 15 <br /> <br /> <br />