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approved by the Governing Board. The voting on the approval of By -Laws shall <br />be restricted to Governing Board Member representatives of the particular Risk <br />Management Program. Approval of the By -Laws and any amendments thereto <br />shall be as provided in the By -Laws of the individual Risk Management <br />Programs. On approval of the By -Laws, the various Risk Management Programs <br />shall become operational and will have all of the powers specifically delegated to <br />them by the Governing Board. <br />ARTICLE 10. BUDGET <br />10.1 The Governing Board shall adopt an annual budget not later than 30 days prior to <br />the beginning of each Fiscal Year, <br />ARTICLE 11. ANNUAL AUDIT AND REVIEW. <br />11.1 The Governing Board shall cause an annual financial audit of the accounts and <br />reeor& to he mado and fled as provided in the Authority's BY=Lavrsand the laws <br />of the State. <br />ARTICLE 12. TSTABLISHMENT AND ADMINISTRATION OF FUNDS <br />12.1 Funds of the Authority may be commingled for investment and administration <br />purposes. However, each Risk Management Program shall be accounted for <br />separately on a full accrual basis. <br />12.2 The Governing Board shall establish the policy for warrants drawn to pay <br />demands against the Authority. <br />12.3 The coverage for each Program Year of each Risk Management Program shall be <br />as specified in the Memorandum of Coverage or policies of insurance for that <br />Approved by We noveming Beard enfn6er 13.2004 <br />11 <br />