Funding Endowments for Long-Term Management and Monitoring of Preserves Sample Clauses

Funding Endowments for Long-Term Management and Monitoring of Preserves. Within six months of issuance of the State Permit, OCTA will ensure that one or more permanent, non-wasting endowments are established, after the review and approval of the Wildlife Agencies, to fund in perpetuity Preserve Management, Restoration, and Monitoring Activities as described in Section 6.3, and for no other purpose. OCTA may hold and manage any of the endowments under Government Code section 65968(b)(1) associated with a Preserve property that it holds, or, with the approval of the Wildlife Agencies, it may select a third party entity or entities qualified to hold and manage any of the endowments pursuant to Government Code Sections 65965 through 65968 . OCTA may also be qualified to hold and manage any of the endowments under Government Code section 65968(b)(2) based on the arrangements for the endowment detailed below, including, but not limited to, OCTA’s qualifications, capitalization rate, return objectives, and the spending rule and disbursement policies. If OCTA chooses to retain responsibility for management of a portion of the Preserve and the associated endowment, it has a track record of managing endowment funds, including those for transit and commuter rail operations, and has a fully functioning treasury with appropriate investment policies and fund management experience. OCTA’s management of the endowment will follow the safeguards and audit features applied to the M2 program including, but not limited to the following:  All spending will be subject to an annual independent audit.  Spending decisions will be annually reviewed and certified by an independent Taxpayer Oversight Committee.  The endowment will be subject to public review at least every 10 years and an assessment of progress in delivery, public support, and changed circumstances. Any significant proposed changes to the endowment will be approved by the Taxpayer Oversight Committee (TOC) and OCTA Board. The Wildlife Agencies will be consulted on changes to the endowment prior to its presentation to the TOC and OCTA Board.  All entities receiving funds will report annually on expenditures and progress in implementing projects.  At any time, at its discretion, the Taxpayer Oversight Committee may conduct independent reviews or audits of the spending of endowment funds. OCTA’s endowment will be governed by the Uniform Prudent Management of Institutional Funds Act. OCTA's endowment funds are held in separate and distinct funds. Each fund is legally protected from the ot...
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