11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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. e """ VI. ACCOUNTING AND AUDITS "* A. Accounts. records. and accounting reoorts. The Authority will maintain books of records and accounts in which full, true, and proper entries will be made on all dealings, transactions, , business, and matters that in any way affect or pertain to the..operation of the Zone and the PID,.and the allocation and application offunds provided hereunder. All such records shall be maintained in accordance with generally accepted accounting principles and shall be clearly identified and readily accessible. The Authority shall provide free access to the books and records at all times to the City and the Zone or their representatives and shall permit them to examine and audit the same and make copies thereof. The Authority shall further allow the City, and the, Zone and their representatives to make inspections of all work data, documents, proceedings, and activities related to this Agreement. Such right of access and audit' shall ,continue for a period of three years from the date of final payment under this Agreement. The Authority will operate on the basis of the same fiscal year as the' City. B. Audit. At the end of each fiscal year (beginning with the fiscal year or fractjon thereof during which this Agreement is executed), the Authority will have an audit prepared by an independent Certified Public Accountant for that fiscal year that shall be submitted to the Authority, the Zone and the City within 120 days after the end of the fiscal year. The Authority shall furnish copies of the audit to the City Manager 'and the Zone Board. C. Authority Deoositorv. Any moneys received from investing and- reinvesting the moneys paid by the City and the Zone to the Authority shall remain m the Pro Revenue Fund and the TIRZ Revenue Fund, as applicable, until used by the Authority for one of the purpose's penilltted by this Agreement, and may be commingled with other moneys of the Authority; provided that these ~ds shall be accounted for separately. Such funds sha11 be invested and reinvested by the Authority only in investments that would be eligible for investment by the City pursuant to the provisions of. the Public Funds Investment Act (Chapter 2256, Texas Government Code). Such funds will be secured by the depository bank in the same manner as City funds are required to be secured at the City depository' and in accordance wi'th applicable law and City procedures. VII. "OPERATING POLICIES By execution of this Agreement, the Authority agrees to operate under the City's fInancial, accounting, and procurement policies. If State law affords the Authority more flexibility or options in these areas, the Authority shaH require City Council's approval to deviate from the City's policies. Except where City Council approval,is required, the Authority shall not en~er into any , , agreements, contracts, or obligations without the City Manager',s approval. " oj ! .!/ HOlUlOa:J67966,2 11 I I