BICEP BIG INDEPENDENT CITIES EXCESS POOL 3-2006

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(4) Pay any other sums due from the Authority from Authority money, or any portion thereof, only upon warrants of the public officer performing the functions of Controller who has been designated pursuant to the Bylaws. (5) Verify and report in writing on the first day of July, October, January, and April of each year to the Authority and to each Member to this Agreement, the amount of money he or she holds for the Authority, the amount of receipts since his or her last report, and the amount paid out since his or her last report. (b) Authority Property. Pursuant to Government Code Section 6505.1, the General Manager/Secretary, the Treasurer, and such other persons as the Board may designate shall have charge of, handle, and have access to the property of the Authority. ARTICLE 14 ACCOUNTS AND RECORDS (a) Annual Budget. The Authority shall annually adopt an operating budget pursuant to Article 7(d)(5) of this Agreement. (b) Funds and Accounts. The Controller of the Authority shall establish and maintain such funds and accounts as may be required by good accounting practices and by the Board. Books and records of the Authority in the hands of the Controller shall be open to inspection by authorized representatives of the Members at all reasonable times. The Authority shall adhere to a standard of strict accountability of all funds as set forth in the Joint Powers Law. (c) Controller's Report. The Controller, within one hundred twenty (120) days after the close of each Fiscal Year, shall give or cause to be given a complete written report of all financial activities of such Fiscal Year to the Board and to each Member. (d) Annual Audit. The Authority shall provide for a certified, annual audit of the accounts and records of the Authority which audit shall conform to generally accepted auditing standards. When such an audit of the accounts and records is made by a Certified Public Accountant, such report shall be filed as a public record with each of the Members and with the county auditor in which each of the Members is located. Such report shall be filed within six (6) months of the end of the Fiscal Year under examination. Costs of such audit shall be considered a general expense of the Authority and included in the term "administrative costs." ARTICLE 15 MEMBER RESPONSIBILITIES Each Member shall have the following responsibilities: (a) To appoint its director and alternate director to, or remove its director and alternate director from the Board as set forth in Article 7. Joint Powers Agreement g 5-3 ] -06