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Any monetary proceeds donated by the SAPF will be deposited in a restricted CITY <br />special revenue account to be used by the CITY solely for the purpose indicated by the SAPF <br />with the approval of the Chief of Police and his/her designee. <br />Equipment donations shall be received directly by the Police Department's Central <br />Distribution Center and the direction of the Chief of Police or his/her designee and logged in the <br />department's equipment inventory. The equipment shall then become the sole property and <br />responsibility of the police department. <br />3. TERM <br />This Agreement shall commence on the date first written above and terminate on <br />December 31, 2010, unless extended by option. This Agreement may be extended by operation <br />of two one-year optional extensions, unless terminated earlier in accordance with Section 7 <br />.. below. Each one year option may be exercised in writing executed by the Chief of Police and <br />the City Attorney. <br />4. REPORTS <br />A. CITY Reports to SAPF <br />Each year, within sixty (60) days of approval of SAPAAL's fiscal operating budget by <br />the City Council, the Chief of Police, or designated representative, will present to SAPF a copy <br />of SAPAAL's operating budget. Each year, and within sixty (60) days of the close of the fiscal <br />year, CITY shall provide SAPF with an annual income and expenditure statement. <br />B. SAPF Reports to CITY <br />Each year, within 60 days of approval by the SAPF Board of Directors, the SAPF <br />Executive Director will present to the CITY a copy of SAPF's annual operating budget. Each <br />year, and within sixty (60) days of the close of the calendar year, SAPF shall provide CITY with <br />an annual income and expenditure statement. <br />C. AccountinE Systems, Funds and Accounts <br />The PARTIES will work together to establish a system of funds and accounts so that the <br />financial conditions and status of each is clearly comprehensible to both organizations. <br />5. AUDITS OF BOOKS AND RECORDS <br />The CITY, using its own staff or an independent accounting firm and generally accepted <br />accounting principles, shall have the right, at its expense, to audit all SAPF books and records <br />annually. Likewise, SAPF, using an independent accounting firm and .generally accepted <br />accounting principles, shall have the right, at its expense, to audit annually the CITY's books and <br />records related to funds transmitted to the CITY by SAPF. CITY retains right to audit SAPF <br />administrative costs and other costs used to maintain the SAPF organization. <br />3 <br />