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5.2 Communications Between Corridor Agencies. <br />In the event that the agencies described in Section <br />5.1 above are formed, the chairman or his designate shall meet <br />with the chairmen, or their designates, of said agencies at <br />least quarterly, for the purpose of coordinating the planning, <br />financing and construction activities of the various agencies. <br />5.3 Lending and Borrowing of Funds Between Agencies. <br />When it is found to be beneficial to the purposes of <br />the Agency and otherwise permitted by law, and serves the <br />general purpose of improving transportation facilities in <br />Orange County, the Board is authorized to lend and borrow <br />available funds and services to or from the agencies described <br />in Section 5.1 above, upon the approval of not less than two <br />thirds (2/3) of the Board Members. The Board shall specify <br />the date and manner in which the funds or services shall be <br />repaid and may provide for the payment of interest on the loan. <br />VI. <br />BUDGET AND DISBURSEMENTS <br />6.1 Annual Budget. <br />The Board shall adopt upon the approval of not less <br />than two thirds (2/3) of the Board Members, an annual budget, <br />for the ensuing fiscal year, pursuant to procedures developed <br />by the Board. <br />6.2 Disbursements. <br />The auditor shall draw warrants upon the approval and <br />written order of the Board. The Board shall requisition the <br />payment of funds only upon approval of such claims or <br />disbursements and such requisition for payment in accordance <br />with rules, regulations, policies, procedures and bylaws <br />adopted by the Board. <br />6.3 Accounts. <br />All funds will be placed in object accounts and the <br />receipt, transfer, or disbursement of such funds during the <br />-13- <br />