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EXHIBIT 1 <br />official bond required herein. The premiums on any such bonds attributable to the <br />coverage required herein shall be an appropriate expense of OCHFT. <br />(c) Attorney. The Board of Directors shall have the power to appoint one <br />or more legal advisors to OCHFT who shall perform such duties as may be <br />prescribed by the Board. The County Counsel of the County shall be OCHFT's <br />counsel unless and until the Board of Directors appoints other counsel to serve such <br />function. <br />(d) Administrative Services and Reimbursement of Costs. <br />(1) The Board of Directors may contract with a Party to this <br />Agreement to provide necessary administrative services to OCHFT, including the <br />services described in Section 6, subdivisions (a), (b) and (c). The amount charged by <br />the Party to provide such services to OCHFT shall be fixed by agreement between <br />the Board of Directors and the governing board of the Party providing such services. <br />In the absence of an agreement on costs, the Party providing services to OCHFT <br />under this Section 6 may charge OCHFT the amounts necessary to recover the <br />direct and indirect costs of such services. <br />(2) If OCHFT contracts with a Party to this Agreement to provide <br />OCHFT with administrative services through persons who are employees and <br />officers of the Party, then any retirement liabilities associated with that Party's <br />employees and officers shall not constitute a liability of OCHFT or any other Party <br />to this Agreement. This Section 6, subdivision (d)(2), shall not preclude a Party <br />providing administrative services to OCHFT pursuant to a contract with OCHFT <br />from accounting for such salary and benefit costs when negotiating the rates that <br />the Party will charge OCHFT for providing such services. <br />Section 7. Financial Provisions <br />(a) Fiscal Year. The Fiscal Year of OCHFT shall, unless and until <br />changed by the Board of Directors, commence on the 1st day of July of each year <br />and shall end on the 30th day of June of the next succeeding year except that the <br />initial Fiscal Year of OCHFT shall commence on the effective date of this <br />Agreement and end on the immediately following 30th day of June. <br />(b) Budget. <br />(1) General Budget. Within one hundred and twenty days (120) <br />after the first meeting of the Board of Directors, a general budget for the first fiscal <br />year shall be adopted by the vote of a majority of all of the Directors. The budget <br />shall distinguish between administrative costs (i.e., the cost of operating OCHFT) <br />and Program costs (i.e., the financing of the programs funded or sponsored by <br />OCHFT). Thereafter, at or prior to the last meeting of the Board of Directors for <br />each fiscal year, a general budget shall be adopted for the ensuing fiscal year or <br />years by a vote of at least a majority of all of the Directors of the Board. <br />(2) Expenditures for the Approved Budget. The payment of all <br />OCHFT obligations is limited to the amount of appropriations allowed in OCHFT's <br />approved budget, except as it may be revised with the approval of a majority of all <br />of the Directors of the Board of Directors. <br />7 <br />55C-18 <br />