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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 0 av+atning Board. <br />ARIM Z Ia. BUDGET <br />10.1 The Governing Board shall adopt an annul budget not later than 30 days prior to <br />the beginning of each Fiscal Year, <br />ARTIiCLE i1. ANNUAL AUDIT AND RUEEW. <br />11,1 The Governing Board shall cause an annual financial audit of the accounts and <br />records to be made. and _filial as provided in the Authorit, By �a—ris and the laws <br />of the State. <br />ARTIC1';., +'_ 12-- )KSTALLISHMENT Al LD AD ISMLT-ION OF FiU S., <br />121 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 />AppxovW by the Gavernbg Bamd October 13, 2004 <br />11 <br />