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<br />SECTION 6 <br />FINANCES <br /> <br />6.1 Budget <br /> <br />Prior to July 1st of each fiscal year, the Board shall adopt a budget. <br /> <br />6.2 Designation of Treasurer and Auditor/Controller <br /> <br />The Board shall, in accordance with applicable law, designate a Treasurer and <br />Auditor/Controller for the OCCOG. The Treasurer shall have charge of the <br />depositing and custody of all funds held by the OCCOG. The Treasurer shall <br />perform such other duties as may be imposed by provisions of applicable law, <br />including those duties described in Section 6505 and 6505.5 of the Government <br />Code and such duties as may be required by the Board. The Auditor/Controller shall <br />maintain the financial records of the OCCOG, and shall perform such functions as <br />may be required by provisions of applicable law, this Agreement and any OCCOG <br />bylaws and the direction of the Board. <br /> <br />6.3 Obligations of the OCCOG <br /> <br />As authorized by California Government Code Section 6508.1, the debts, <br />liabilities and obligations of the OCCOG shall be the debts, liabilities or obligations <br />of the OCCOG alone. No member of the OCCOG shall be responsible, directly or <br />indirectly, for any obligation, debt or liability of the OCCOG, whatsoever. <br />The debts, liabilities and obligations of the OCCOG shall be the debts, liabilities and <br />obligations of the OCCOG alone, and not of the Members. <br /> <br />6.4 Control and Investment of OCCOG Funds <br /> <br />The Board shall adopt a policy for the control and investment of its funds and <br />shall require strict compliance with such policy. The policy shall comply, in all <br />respects, with all provisions of applicable law. <br /> <br />10 <br />