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5.3 Lending and Borrowing Funds Between Agencies. <br />When it is found to be beneficial to the purposes of the Agency and otherwise <br />permitted by law, and serves the general purpose of improving transportation facilities in Orange <br />County, the Board is authorized to lend and borrow available funds and services to or from the <br />agencies described in Section 5.1 above, upon the approval of not less than two thirds (2/3) of <br />the Board Members. The Board shall specify the date and manner in which the funds or services <br />shall be repaid and may provide for the payment of interest on the loan. <br />VL <br />BUDGET AND DISBURSEMENTS <br />6.1 Annual Budget. <br />The Board shall adopt upon the approval of not less than two thirds (2/3) of the <br />Board Members, an annual budget, 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 written order of the Board. <br />The Board shall requisition the payment of funds only upon approval of such claims or <br />disbursements and such requisition for payment in accordance with rules, regulations, policies, <br />procedures and bylaws adopted by the Board. <br />6.3 Accounts <br />All funds will be placed in object accounts and the receipt, transfer, or <br />disbursement of such funds during the term of this Agreement shall be accounted for in <br />accordance with generally accepted accounting principles applicable to governmental entities. <br />There shall be strict accountability of all funds. All revenues and expenditures shall be reported <br />to the Board. <br />6.4 Expenditures Within Approval Annual Budget. <br />All expenditures within the designations and limitations of the approved annual <br />budget shall be made upon the approval of the Chief Executive Officer in accordance with the <br />rules, policies and procedures adopted by the Board. Notwithstanding the above, no <br />expenditures shall be made for the purpose of the acquisition of rights -of -way or similar property <br />interests except upon the approval of not less than two- thirds (2/3) of the Board Members. No <br />expenditures in excess of those budgeted shall be made without the approval of not less than <br />two - thirds (2/3) of the Board Members to a revised and amended budget which may, from time <br />to time, be submitted to the Board. <br />12 <br />