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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 />term of this Agreement shall be accounted for in accordance <br />with generally accepted accounting principles applicable to <br />governmental entities. There shall be strict accountability of <br />all funds. All revenues and expenditures shall be reported to <br />the Board. <br />All expenditures within the designations and <br />limitations of the approved annual budget shall be made upon <br />the approval of the Executive Director in accordance with the <br />rules, policies and procedures adopted by the Board. <br />Notwithstanding the above, no expenditures shall be made for <br />the purpose of the acquisition of rights -of -way or similar <br />property interests except upon the approval of not less than <br />two thirds (2/3) of the Board Members. No expenditures in <br />excess of those budgeted shall be made without the approval of <br />not less than two thirds (2/3) of the Board Members to a <br />revised and amended budget which may, from time to time, be <br />submitted to the Board. <br />6.5 Audit. <br />The records and accounts of the Agency shall be <br />audited annually by an independent certified public accountant <br />and copies of such audit report shall be filed with the County <br />Auditor, State Controller and each Party no later than fifteen <br />(15) days after receipt of said audit by the Board. <br />-14- <br />