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<br />a. Receive and receipt for funds for the Authority and place them in <br />appropriate accounts of a financial institution, checking accounts or interest bearing <br />government accounts to the credit of the Authority, and invest any surplus funds in <br />accordance with Government Code section 53601 as that section exists or as it may be <br />amended from time to time. <br />b. Be responsible upon official bond for the safekeeping and disbursement of <br />all Authority money so held; <br />c. Draw warrants or otherwise be responsible to certify the payment of <br />demands against the Authority when approved by the Authority or by a person authorized by <br />the Authority to so approve; <br />d. Pay any sums due from Authority money, or any portion thereof, only <br />upon warrants or other equivalent certification pursuant to procedures established by the <br />Authority. <br />e. Verify and report in writing on the first day of July, October, Jan, and <br />April of each year to the Authority and to the contracting parties to this Agreement the <br />amount of money held for the Authority, as well the amount of receipts and the amount paid <br />out since the last report to the Authority; and <br />f. Pursuant to Government Code section 6505.6 as it now exists or as it <br />may be amended from time to time, the finance officer shall cause an independent audit of <br />the accounts and records to be conducted by a certified public accountant or public <br />accountant. This independent audit shall comply with the requirements of section 6505 of the <br />Government Code as it now exists or as it may be amended from time to time. In each case <br />the minimum requirements of the audit shall be those prescribed by the State Controller for <br />special districts under section 26909 of the Government Code as it now exists or as it may be <br />amended from time to time. The audit shall conform to generally accepted auditing <br />standards. <br /> <br />10. DISPOSITION OF AUTHORITY FUNDS UPON TERMINATION <br />a. In the event of termination of the Authority where there is a successor <br />public entity which will carry on the activities of the Authority and assume its obligations, <br />Authority funds, including any interest earned on deposits, remaining upon termination of the <br />Authority and after payment of all obligations shall be transferred to the successor public <br />entity. <br />b. If there is no successor public entity which would carry on any of the <br />activities of the Authority or assume any of its obligations, Authority funds, including any <br />interest earned on deposits, remaining upon termination of the authority and after payment of <br />all obligations, shall be returned in proportion to the contribution of each Agency during the <br />term of this Agreement. <br />c. If there is a successor public entity which would undertake some to the <br />functions of the Authority and assume some its obligations, Authority funds, including any <br />interest earned on deposits, remaining upon termination of the Authority and after payment <br />of all obligations, shall be allocated by the Board between the successor public entity and <br />member agencies. <br /> In the event the Authority is terminated under circumstances falling within (b) or <br />(c) above, all decisions of the Board with regard to determinations of amounts to be <br />transferred to member agencies or any successor shall be final. <br /> <br /> <br /> <br />Attachment 3