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approved by the Governing Board. The voting on the approval of By -Laws shag. <br />be restricted to Governing Board Member representatives of the particular Riau <br />Management Program. Approval of the By -Laws and any amendments thereto <br />shall be as provided in the By -Laws of the individual Risk Management <br />Programs. On approval of the By -saws, the various Risk Management Program <br />shall became operational and will have all of the powers specifically delegated to <br />them by the 0 OVOMMg Board. <br />ARIIC—IE Ia. BUDGET <br />10.1 The Governing Board shall adopt an annual budget notlater than 30 days prior to <br />the beginning of each Fiscal Year, <br />ARTICLE i1, ANNUAL AUDIT AND RE '. <br />11.1 The Goveriffig Board shall cause an annual financial audit of the .accounts and <br />records to he made. &—nd fled as provide in the Authorit'; ' By --ris and the laws <br />of the State. <br />ARTML +'_ 12-- STABUSEMENT AlL Ab ISTI LT -ION OF FiI S., <br />121 Funds of the Authority may be commingled for investment and administration <br />purposes. However, each Risk Management Program shall be accounted for <br />separately on a full accrual basis, <br />12.2 The Governing Board shall establish the policy for warrants drawn to pay <br />demands against the Authority. <br />12.3 The coverage for each Program Year of each Risk Management Program shall be <br />as specified in the Memorandum of Coverage or policies of insurance for that <br />Approvtd by the Gaveming Bowd October 13, 2004 <br />11 <br />City Council 15 — 15 8/6/2024 <br />