Laserfiche WebLink
director, the resulting vacancy will be filled at the next meeting of the Board. <br />(c) The Chair and Vice -Chair are not entitled to compensation. The Board may <br />authorize reimbursement of expenses incurred by officers. <br />(d) The Board may create such other offices and appoint individuals to such offices as <br />it considers either necessary or convenient to carry out the purposes of this <br />Agreement. <br />11. Limitation on Liability of Members for Debts and Obligations of ABAG POWER. <br />Pursuant to Government Code Section 6508.1, the debts, liabilities, and obligations of <br />ABAG POWER do not constitute debts, liabilities, or obligations of any party to this <br />Agreement. A Member may separately contract for or assume responsibility for specific <br />debts, liabilities, or obligations of ABAG POWER. <br />12. Fiscal Year. The first fiscal year of ABAG POWER is the period from the date of this <br />Agreement through December 31, 1998. Each subsequent fiscal year of ABAG POWER <br />ends on December 31. <br />13. Budget. The Board may adopt, at its sole discretion, an annual or multi -year budget not <br />later than sixty (60) days before the beginning of a fiscal year. <br />14. Annual Audits and Audit Reports. The Chief Financial Officer/Treasurer will cause an <br />annual financial audit to be made by an independent certified public accountant with <br />respect to all ABAG POWER receipts, disbursements, other transactions and entries into <br />the books. A report of the financial audit will be filed as a public record with each <br />Member. The audit will be filed no later than required by State law. ABAG POWER will <br />pay the cost of the financial audit and charge the cost against the Members in the same <br />manner as other administrative costs. <br />15. Establishment and Administration of Funds. <br />(a) ABAG POWER is responsible for the strict accountability of all funds and reports <br />of all receipts and disbursements. It will comply with every provision of law <br />relating to the establishment and administration of funds, particularly Section 6505 <br />of the California Government Code. <br />(b) The funds will be accounted for on a full accrual basis. <br />(c) The Chief Financial Officer/Treasurer will receive, invest, and disburse funds only <br />in accordance with procedures established by the Board and in conformity with <br />applicable law. The Chief Financial Officer/Treasurer will procure a fidelity bond. <br />16. New Members. For the purpose of this section only, all Members admitted after January <br />1, 1999 are New Members. <br />ABAG POWER JPA <br />