1987-11-09 Regular Meeting - Laserfiche WebLink

Browse Search

e e ......- ~ delivered by the Board to the Authori ty and the other Participants within 30 days of the receipt of the tentative budget. Thereafter, the Board shall review the comments from the City and all other Participants and shall prepare its budget on or before August I for the ensuing Fis- cal Year. Said Budget, when prepared, shall be delivered to the City. Section 8.03 Pursuant to the provisions of Section 16(b) of the Act, the Board shall cause an audit of its affairs to be ~repared by an independant Certified' Public Accountant or an independant firm of Certified Public Accountants. A written report of the audit shall be delivered to each member of the Board not later than 90 days after the close of each Fiscal Year. Copies of the audit shall be delivered to the office of the Authority, one of which shall be kept on file and shall constitute a public record open to inspection by any interested person or persons during normal office hours of the l\uthority. One copy of the audit shall be delivered to each Participant. The cost of the aud i t shall be pa id by the Authori ty, and shall be an Opera t ion and Maintenance Expense. ARTICLE IX Covenants of the Authority Section 9.01 The Authority represents and covenants that (a) it is duly authorized and empowered to enter into this Contract and (b) it has and will have, throughout the term of this Contract, good right and lawful power to execute, deliver and perform its obligations here- under. Section 9.02 The Authority covenants and agrees that it will exercise its best efforts (a) to operate, maintain and manage the Authority's share of the Southeast Plant, the Transmission System, and the -28-