FUNDS AND OPERATIONS Sample Clauses

FUNDS AND OPERATIONS. 7.1 The County shall be the administering agency and the fiscal agent for the Authority. As the fiscal agent, the County shall manage all revenues, maintain all accounts and receive and disburse ail funds on behalf of the Authority. 7.2 The funds of the Authority shall be held in one or more separate accounts and shall not be commingled with the Funds of any of the parties to this Agreement. All funds received pursuant to the Enhanced 911 Act shall be utilized and maintained as set out in the Enhanced 911 Act. 7.3 The Authority may invest its funds only in accordance with any applicable laws of the State of New Mexico governing the investment of public funds. 7.4 No party to this Agreement shall have any liability to pay for any debt or other obligation incurred by the Authority unless there is a specific undertaking to do so accompanied by an appropriation approved with the requisite formalities. 7.5 The Authority shall maintain a Capital Equipment Fund which shall be utilized to replace obsolete, worn out or unusable equipment in the Communications Center. The maximum balance to be maintained in the Capital Equipment Fund shall be determined by the Board. The parties will jointly contribute each fiscal year the amount necessary to retain the maximum balance. The amount of each entity's contribution shall be as determined by the Board.
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FUNDS AND OPERATIONS. A. The various monies paid into the Authority for the Emergency Telephone Charge shall be collected by the Service Suppliers, and the Members hereto shall have no obligation to collect this uniform charge or to remit such monies to the Authority. These monies shall be placed in a separate designated cash fund and shall be spent from said fund only to pay for those items allowed for under C.R.S. § 00-00-000, as may be amended from time to time. B. The Authority shall expend funds in accordance with its adopted annual budget, and in accordance with the Board’s adopted fiscal policy, which may be amended from time to time. The Authority may disburse funds by check, money wire, electronic funds transfer, or credit card/debit card payment. C. The Authority shall not borrow money, nor shall it approve any claims or incur any obligations for expenditure unless there is sufficient unencumbered cash in the appropriate fund credited to the Authority with which to pay the same. D. The Authority may invest any funds paid into the Authority only in accordance with any applicable laws of the state of Colorado governing the investment of public funds. E. The Authority may designate a qualified person or retain the services of a qualified third party provider as the Authority's Financial Officer. The Financial Officer shall (i) maintain the books and accounts of the Authority; (ii) assist in the preparation of the Authority’s budget in accordance with this Agreement; (iii) advise the Governing Body regarding the investment of Authority Funds; and (iv) provide such reports on the remittances, expenditures, funds balances, interest earned and other related matters as the Authority may request from time to time. The Financial Officer may receive compensation; however, not as an employee of the Authority. To compensate the Financial Officer, the Authority may enter into an independent contractor agreement either directly with such service provider or with the employer of such service provider. F. Nothing herein, however, prevents the Authority from returning any surplus operating revenues provided by the parties hereto for the operation of this Emergency Telephone Service to the respective parties hereto in the same proportion that said parties were originally required to contribute for operation.
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FUNDS AND OPERATIONS 
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