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HomeMy WebLinkAbout04/19/1999 TRES HE NOS CONSERVATION AUTHO SPECIAL MEETING MONDAY,APZ2IL 19, 1999, 5:30 FM CITY OF DIAMOND BAR CONFERENCE ROOM A � 21660 E. COPLEY DR1YE, SUITE #100 DIAMOND SAR, CA 91765 CALL-TO ORDER: 5:3 0 p.m. I20LL CALL: � . � PUBLIC COMMENTS: AiTTHORITY BUSINESS: l. Approval of Minutes— Special Meeting of March 17, 1999 2. Review and Action: Fiscal year 1998-1999 and Fiscal Year 1999-2000 Authorifiy�udget 3. Consideration of Authority General Counsel . 4. Discussion of Authority Draft By-Laws 5. Discussion of Future Meeting Schedule AUTHORITY MEMBER COMMENTS: City of Chino Hills City of Diamond Bar ADJOURNMENT: � s�va�=`8Ag �� c���o �a��s a�=��� a�� a��s ��c� aiQ -- -- ---r --a- _ � � . �!��S TRES�IE�tMANOS Ct�NSFRVA'�'ION ALTI�iORIT�' MA.RCH 17, 1999 _ SPECJfA.T,MEE7CIl�IG . City Manager poug La BeIIe called the�Special Meeting of the Tres Hezmanos Co�servatsoaz � Authozzty to arder at 5:42 p.m_ � _ PRESENT= �2EMBERS: ED C���HA,��1.,CHI1�I0 HILLS • . IAMES THALMAN,CHINO CAROL HEI2RERA,DTAMOND BAR BOB HUk'F,bIAIvZOND BAR ALSO PRESENT: TERRY BELANGER,C.`ITY OF DIAMOND B,A.�Z A� DOUCxLAS N.LA BELLE,CITY 4F CHINO HiLLS C 1�Ca ' RAYMOND HANSON,SENIOR.ADMINI�TRATNE.�l' �'S3' PT� IC COh�'t�'1`S; Noxze_ .�zrrHo 'r�B3F�Il��s� 1_ �',�F��RM.A..NO�CONSEIE�VATItJN�Y TT�}'ORTTY�EC'�'�ON�F _ A V�CE C�iATR:In accoz�.ce wi�h Joint Exercise of Po�ers Authozzty Ag� e�t ed January I9, I999,a Chaas aud Vice C`�iair were se�ected. MOTION= Membcr Tl�aIman nom.inateci.aud Member HLerrer'a secauded be� �](uffbe Chair_ Mo�ion cazraed_ Nto�orr, M������o�atea�.a Nr�b����.�n.aea t Me �r Crrak�am be vice chair_ Motiozz canied. � 2_ RFVTFw at�m A O]3,g,�_.APPR_QPRIATE R�GARDING DESiGNAT��'I�T�F �TAFF TO PERFO�tM�?UI'IES AS S�T'FORTH�T TF3R TRTc�S AT3�� C'(�NCFRVATIOI�I AITI7�ORITI'7lJINT�XERCTS�4�POwERS ACaRE City M[anager Belangex sagaested that the F�ecu.tive Director be from t�ie e cai�a.s the ChaiimaYt a�alter�aating the frollowing yeaz for the C�,aur to be fronQ � � " �s_ � Member Tlial�man stated t�iat the Secretaty should also be frona the Chair's�en.cy. �a�y Maizzager La.Belle brought up tb�e fact thaz the TreasureriAuditor position sho�Id�e x�. the oth.cr abency to ez�sure�checks and baiances would be observed ammd a����o� the Treastuer/Auditor. 1 �p�_g�_�g g�,�q �ROM=CI?Y OF CHINO HILLS ID=909 364 2695 pAGE 3/4 ;�'a<� �� - - - � '�S OS MARC`�i I7, 1999 GOI�TSER'�A�ON A.UTI�QRI?Y � SPE� E'�II�TG e A anty discussed asl�ng a th�iud pafiy attorney to be desi.gn.axed as Ceneral � � eI to eIiminate any gotentiai con�Iicts. G`ity Maaager La BeIle recomm,ended that A�torn�r L?ick Terzian,who is already faiuiliar with the 1PIA,and as there are no � s� ' caat Iegal expenses antici�ateci at Yhis ti�one,be cousidered for the position. Me�� an su�ested that Dick Teraiaa be invi�ed to the neart Authority meeting to . � . be�texvi.�wed by the members. Should Dick Terlian be selected,he would be in " � att�a ce on an as needed basis. .An agreeaz�n.t would also ne�d to be made up betvveexx �e A.�.t�ority and Dick Terzian fror his Iega1 services far a aat to excced aznoun� �'�'ION: Member Thalma�z motioned the aomination to dcsi�ate City Manager �ei�er for the cambined Executi.ve Director/Secretary posit��ons,aad Ciiy Manaaer La. �elle�'a�the positi.on of?reasurerlAuditor_ Meutber Gcraham seconded. Moiaon cazried,. ?,. 4I`:°�' L.�I�31tl1`Y��Cf'��3TJ(��`TG`�'�iA�311_IV�"Y�+:�`� ��C"'1 ltl S1�"I`A� 70 POWERS ALTI'F�ORI'�y WITH THE SECR,�AR�QF STA7'�FOR T� S'I'A"�" OF .ALIFO 1vIA_ MOTION: Member Thalman moved�o direct that Secre#ary$ela�er file the appzvpriate " for�abiou papers with the Secret�ry of State. Mc�nber Graham secoaded_ Motion c 'ed_ 4. ��.�II��TARY� J,�G .E?DI'SCUSS70N AND DIRECITON,�,�APPROPRIATE TQ �'Y'AFF'�2E ,�RDiNG THE PR�P�BATTON QF THfi FY 1499I00 A QRTTY � C`aET_ T'reas��erlAuditor La Belle recom�mended tlxat the Authority wiIl need to establish aa ' budget to provid.e for the Ie�a[services on a per ho�r quote vvv�ith a not to exceed o #. � �O'I ION: Ivlember Thalman�aootioned that Execut�ve Director Belauger bziag back a ose�bu�et for the I998/99 aud 1999/00 Fiscal Yeazs to th.e next mee�ing_ Member seconded. Motion carrierl. 2 � ao-�� r�v�=e��� O� C�I�O �&LLS I��9�9 3�4 2�95 P�GE 4/4 _.__._ _... �� �;� �, '��_ � - . TRFS F[��l2MANOS � �R�i I7, 1993 CONSERVATIOI�I AU'IHO SPECIAI.�TIl�IG ' 5. bIS TRUITON AN1�DIS T4SiO�T OF ALT?HOR�T'Y T_)RAFT�Y-LA�TS_ Tzeasurer/Auditor La Belle commeated that the draft By-Laws are very rough d . Executive DiFector Belan�er an.d he would work togerher to re�r'ise th�s�y���c�t meeting_ The mem.bers'feedback was solicited�and requested the chaages�be �sm . . . Execufive I?irector Belanger(fax�umber 86I-3117}so that the diaft�y-��rs c�t�Id� � � sent out for the next scheduled meet�;. Meznber woc��Is�ke a d�te ox��e AnnuaI Meetiag as zeferred to in the By-L,aws�to form.a�zze wheu the Cha.ir� ges should be im�itutect 6. DISCUSSZUN OF F�TTF�RE�vIEET`ING SC'�IEDUL.E_ Thc AuYhority d'zscussed the need to meet on a monLhly basis_ After dis �on��w�.s decided tha�the next meeting�will be heId ou the fhzrd Monday of t�e�onf�s,A.gsril . I9�',at 5_30 p.m.and will be held at the City o�JDiamond Baz,21664�_ ��pley,S �e� � 100,Co�aference Room A,Diarnoad Baz,CA 9k765. �„T_�HoxzTY MEM$ER COMML,�NTS: . � City of C�o Hills -Na comments - Ci�y of Diamond Bat -No commeaats A1�JOU N'MEN'T: �y geueral conseut,�he Tzes Tdeimamos Conservatian A,�.thority adjourne�the�ee ' �t �i:I Q�.m_to ApriI 19, I999,ax 5_30 p.m_ • Resp�ly seibmitted, SYLVTA SAL..AS RU�,SECRETARY 3 DA'TE: April 16, 1999 � TO: Cha.izman and Members of the Tres Hermanos Conservation Authority FRONd: Executive Directar SUBJECT: REVIEW AND ACTION-FISCAL YEABt 98/99 r�ND FISCAI. � 99/00 AUTHORITY BUDGET RECOMMENI�ATION: 1. That the Authority, following review and discussion, adopt a budget for Fiscal Year 98/99 and Fiscal Year 99/00 subject to funding by the Member Agencies, and 2. Direct staff to request funding from the Member Agencies. BA.CKGROUND ANA�YSIS: The Tres Hermanos Joint Powers Authority was organized on March 17, 1999, and a Chair and Vice-Chair selected as well as an Executive Director and TreasurerlAuditor appointed. It was the Authority's direction to staff to prepare for Authority consideration at its April 9`� meeting a budget for the remainder of Fiscal Year 98/99 as well as Fiscal Year 99/00. Staff has reviewed the funding needs of the Authority for the initial operating period concluding 3une 30, 2000. We estimate that the initial wark effort of the Authority will require rrr�inimal fiscal support with the majority being in kind services provided by the Member Agencies in the form of staff assistance. There are direct expenses, however, that should be the responsibility of the Authority including outside �,egal Counsel, insurance, and fees associated with tlie activities of the Authority, such as outside audit services. With this in mind staff has prepared two budgets, one for the two month period for the remaining portion of this fiscal year and second for the Fiscal Year 99/00 operating year. T�-es Hermanos Conservation Authority Memorandum April 16, 1999 Page 2 The budget has been prepared for discussiori and direction by the Authority and subject to that review on the 19�' it is recommended that staff be directed to submit individual £�ding requests to share the costs of these obligations between the two member agencies. Recoznmended by: Respectfully submitted by: r � C�r� � /.��c.�� �. ��.� Terrence C. Belanger, Executive Director pouglas N. La Selle,Treasurer/Auditor TRES HER A OS CO SERV,�4TI0 T ORI PROPOSED A NUAL OPERATI G B DGE1' FISCAL YEAR AY '9, 1599 THROUG JU E 30, 199 � REVENUES FUND BALANCE o _ � OTHER REVENUE CONTRIBUTION FROM CHINO HILLS 1,000 CONTRIBUTION FROM DIAMOND BAR 1,000 . TOTAL SOURCES 2,OOQ EXPENDITURES PERSONALEXPENSES SALARIES o SUBTOTAL 0 SERVICES AND SUPPLIES SUPPLIES - GENERAL o CONTRACT SERVICES o LEGAL FEES 1,000 ACCOUNTING/AUDIT FEES � MEETINGS 300 1NSURANCE � CONTINGENCIES o SUBTOTAL 1,300 TOTAL USES 1,300 TI�ES HER ANOS CONSERVATIO UT O I PROPOSED ANNUAL OPERATI G BUDGEl' FISCAL YEAR JULY 1, 1999 THROUGH JUNE 30, 2000 . REVENUES FUND BALANCE 700 � OTHER REVENUE CONTRIBUTION FROM CHINO HILLS 5,000 CONTRIBUTION FROM DIAMOND BAR 5,000 TOTAL SOURCES 'i0,700 EXPENDITURES PERSONALEXPENSES SALARIES o SUBTOTP,L 0 SERVICES AND SUPPLIES SUPPLIES - GENERAL � o CONTRACT SERVICES o LEGAL FEES 6,000 ACCOUNTINGJAUDIT FEES 1,000 MEETINGS 9Q0 INSURANCE 2,500 CONTINGENCIES 300 � SUBTOTAL 10,700 TOTAL USES 10,700 ATE: April 16, 1999 TO: Chairman and Members of the Tres Hermanos Conservation Authority FROM: Executive Director S JECT: CONSIDE TIOlV OF AUTHORITY GENE CO SEL RECOMMENDATION: f Following review and discussion of General Counsel services, continue this matter�.ayatil the Authority's next scheduled meeting. BACKGROUND AN YSIS: . At your organizational meeting it was the Authority's direction to staff to invite I�ick Terziaai of LeBoeuf, Lamb, Green & MacRae to the Authority's next meeting for the l�Iernbers to discuss with Mr. Terzian providing Legal Counsel on an as needed basis to the Authority. Staff has spoken with Mr. Terzian regazding your request, however, an earlier commitment to another meeting on the 19`'' precludes him from being at the Authority's meeting. He remains interested in assisting the Authority and indicated that he would make sure his schedule enabled him to be available for your next meeting. Recommended by: Respectfully submitted by: ��' �r�� /�,��� � `�. ' Terrence C. Belanger,Executive Dizector Dauglas N. La Belle, TreasurerlAu�itor S HE OS CONSER�IATION AUTHORITY By-Laws Comments . � . Article l.� Items A3 and B 1 The offices should be concurrent in length of terms. I would suggest two tezms for all offices with elections�held in�even numbered years at an . � . "annual" meeting held possibly in November with the new electeds to take o�ce in - January. This could allow the new Chair and Treasurer to develop a budget for�e majority of their terms and would even facilitate a two year budget process. Item C I don't feel a vacancy should automaticallv be filled by the ne�vest rx�ernber of the affected participating agency governing board. Rather,I think it should simply be the responsibility of the appropriate govemang board to designa.te a replacement_ If�e foregoing is acceptable,the second sentence referring to an interim replacemen�ca.n be deleted. . Article 2. Item A Shouldn't the fiscal year also be designated as to time frame? Item D Should adopt by"resolution" or"ordinance"be mentioned sornewhere in this section� Item E If we establish a two year budget process, can we have a biannua.l financial audit following a change of Treasurer? Article 3 Item F Would "Meeting shall be conducted in the spirit of Robert Rules �f order" allow for more latitude and a lesser chance of challenge than using "pursuant to7" Item G I would feel more comfortable with something like, ".Any member may bring to the full Board any decision or action taken by the Executive Director for f�all � discussian, by making a written request to the Executive Director that the Board revaew the�decision or action taken. The decision or action shall be suspended pending such Board review. If time is of the essence in�respect to the decision or action taken, the Chairman of the Board shall call for a special Board meeting as soon as practacable to conduct such review. � Article 6 . Item B Should it be articulated as which two signatures are required? -By off ce, with perhaps some altemates also being listed. Idea-If the signatory function is delegated, the second signature should be the Treasurer with perhaps the Chair�d�Ti�e Cha.ir also identified as altemates. S OS CONSERVATION A�J O DRAFT BY-LAWS In accordance with Article I, Subsection (8) of the Tres Hermanos Conse�ation Authority 3oint Exercise of Powers Agreement, the Board may adopt by-laws, �les and regulations for the conduct of its meetings or as are necessary for the purposes hereof . The following by-laws are hereby established pursuant to Article I, Subsection(�)_ ARTICLE 1. DEFINI'i'�ONS: A. ELECTED OFFICERS 1. The Board shall elect from. among the Board members the following officers: a. Chairman_ The Director elected by the Board to service as c�ief officer of the Authority. The Chairman shall preside over the Board a,�d �nduct all meetings of the Board. The Chairman shall execute all contracts, deeds, waa-g-�rats, and other official documents on behalf of the Authority as authorized by the Boarii. b. Vice Chairman. The elected officer who in the absence or inability of the Chairman to act shall act in the Chairman's capacity. 2. At no time shall the �Chairman and Vice-Chairman be from the same Participating Agency. The Chairmanship shall rotate annually between I�irectors representing CH City and DB City. 3. Those elected to the position .of Chairman, and Vice Chairman, at the Initial Meeting shall serve until the Annual Meeting. Subsequent terms for the Chaa�aaa and Vice Chairman shall run for one (1) year, with elections held at each nual Meeting. . 1 Tres Iiermanos JPA , I?raft By-I,aaws • . 03/18/99 �. AP O 7CED OFFI�ERS. The Board shall appoint the following o�cers: _ 1.. Executive Director. The City Manager of City, shall initially serve as the Executive ]�irector with the office being rotated between�the City Managers of each - city at the time of the Annual Meeting on every even-numbered year. The Executive � . . I)irect�r shall exercise the duties described in Article 2. Secretarv. The Executive Director, or their designee shall serve as Secret�ry. 'The Secretary shall take and hold minutes of the meeting, attest to contracts and other documents, record documents as necessary, keep and maintain records, and perforan such other and further administrative, documentation, and related functions. 3_ Treasurer/Auditor. The City Manager of CH City or DB City not appointed a.s Executive DirectorlSecretary, or their designee, shall serve as Treasurer and shall initially be . The person serving as Finance Director of the Participating 1Agency whose City Manager serves as Treasurer shall perform the £unctions of auditor as required by Government Code Section 6505.5 or 6505.6. 4. C'seneral Counsel. 'Fhe member of the California State Bar appointed by the�oard shall serve as the legal advisor to the Authority. Initially, the person serving in this capacaty shall be C. Vt�CAl�TCIES. In the event of a vacancy of a Director due to a vacancy on the membership of the Participating Agency, the vacancy on the Board shall be automatically filled by the person filling the vacancy on the affected Participating Agency. The afFected Pa.r.rticipating Agency may appoint an interirn replacement Director until the new Mers�ber is seated. In the event of a vacancy due to absence as referenced in Section 2 Tres Hernianos JPA Draft By-Laws 03/18/99 , the affected City Council shall appoint a�permanent altemate to complete the te of the absent Member. . � AR'I'ICLE 2. POWERS OF THE BOARD OF DIRECTOItS A. APPROVAL OF OPERATING BUDGIET: At the first meeting foliowing th� Organizational Meeting and annually thereafter, no later than the Annual Meeting, the Board shall review and approval an Annual Operating Budget of the Authoraty, prepa..�ed by the Executive Director. The Board may, from time to time, modify the annual budget. B. REVI�W FITND ACCOUNTINGS. The Board shall receive and review periodic accountings af all funds received and disbursed pursuant to this Agreement. C. POWElt TO CONDUCT MEETINGS. The Board shall have th� povaer to - conduct on behalf of the Authority all business of the Authority including that a.ssigned to the Executive Director. The Board may review, modify, and ovezride all decisaons and acts of the Executive Director. D. AUTHORITY PROCED�7RES. The Board may after adoption of t�e �y-I.a�as and from time to time amend the bylaws for the Authority. The Boazd ma.y esta.blish, and . may thereafter from time to time amend, such other policies, rules, regulations, �ad procedures to govern its operations as it deems appropriate. The Board tnay adop� by reference the rules and regulations of any Participating Agency. 3 Tres xeraaaanos JPA I?raf�By-I.av✓s 03/18/99 �. .r�I, A I'T. The Board shall arrange and provide for an annual audit of the accounts and records of the Authority by an Auditor. Copies of such audit shall be distributed tot the Members within �ninety (90) days fallowing the close of the Fiscal Ye�. F. E I.OYEES: CON CTORS. The Boai�c� shall have the power to � authorize the employment of persons on a full time or parE time basis, and to establish the te�a�as and conditions of employment, as necessary to carry out the purposes of the Au�hority. The Board shall also have the authority to contract for professional, legal, adrninistrative, technical, and other services to be provided to the Authority. F. EXECIT"g"ION OF CON CTS. DEEDS AIVD OTAER DOCUMENTS. L7pon approval by the Board, all contracts, deeds, warrants and other official documents on behal£of the Authority shall be executed by the Chairman or the Executive Director, and attested to by the Secretary and approved as to form by the General Counsel. AI�'TI�I.E 3. l�'�ETINGS OF THE BOARD OF DIRE�TORS A. �E'I'INGS. The Board shall meet monthly, at p.m., or more frequently as the �oa.rd may determine. All meetings shall be called, noticed, held, and conducted in a.ccorda.nce with the provisions of the Ralph M_ Brown Act (Gov. Code §54950 et se�.). �ll rneetings shall be held in the Civic Center or such other place as the Board may determine. �. SPEC I.I�EETINGS. A special meeting may be called by the Chairman or by the vo�e of three (3) mernbers of the Board. All such meetings shall be called, noticed, held and conducted in accordance with the Brown Act. 4 . Tres Hermanos JPA Draft By-Laws 03/18/99 C. QUORUM. A quorum of the Boa.rd shall consist of three (3) of the Meaaibers (or their alternates) (fifty percent (50%)plus one (1)). A vote by a majority of those present at a meeting shall be sufficient to constitute action by the Board, ur�less othe�ise specified herein or in an applicabre bylaw, rule, regulation, or procedure e�t�.blished by the Board. D. MINUTES. The Secretary ofthe Board shall cause minutes of regular, adjoua-ned � regular, and special meetings to be kept and shall, as soon as possible after each mee�ang, cause a copy of the minutes to be forwarded to each Member. E. MEETING AGENDA. An agenda of the meeting shall be prepared a�ad posted pursuant to the Brown Act. F. CONDUCT lJF MEETINGS. The Chairman, or in the absence of the Chaisma� the Vice-Chairman, shall conduct the meetings. Meeting shall be conducted �ursu�t to � the most current edition of"Robert's Rules of Order" unless otherwise provided by any rule, regulation or bylaw of the Board. � G. APPEAL OF DECISION OF ACTIONS_ Any Member may appeal to the fiall Board any decision or action taken by the Executive Director, by making a �tten request to the Executive Director that the Board review the decision or action t�lcen_ The decision or action shall be suspended pending such Board review unless such suspensi�n would impair any contractual obligations or liabilities. H. VOTE REOUII2ED. l. �3nless otherwise provided for in these by-laws, rules, regul�.tions, or procedures adopted by the Board, a majority vote of the Members present �ad vo�ing shall be sufficient to approve Board actions. 5 Tres I� os JPA • By-L,aws � � 03/18/99 2. Notwithstanding subsection 1 of this Section H, the following decisions shall requi�e a 1Vlajority Vcste: " a. �Adoption and thereafter any amendment of the budget. � b. Proposing an amendment to these By-Laws. • - c. Approving any expenditure or contract in excess of$50,000. d. Approving any change in the assessment formula. e_ Any other matter which the Board determines by resolution should be included in this Section. 'I'ICI,E 4. �iSSESS NTS. A. A�T.TE1I., BUDGET. The Executive Director shall d'uect the prepazation of an t�nnual Operating Budget to be approved by the Board at the Annual Meeting. The approval of the Budget shall require a Concurrent Majority Vate. �. ATI O TO ASSESS MEMBERS. To pay its necessary and proper . expenses, the Authority may levy an assessment against its members. The assessment shall be sufficient to pay all expenses of the Authority as set forth in the Budget, which will not be tianely offset by other anticipated revenues of the Authority. � C. 'I' k'012 PAYMENT. The Assessment may be paid quarterly, or on such other frequency as the Board may determine. I.�. F��Ii7I.r� FOR ASSESSMEN'�. The allocatian of the Assessment to the Participating �4gencies shall be on an equal basis between the member agencies. The 6 Tres Heimanos JPA . Draft By-Laws ' 03/18/99 allocation formula may be modified to some other basis, such as land value, revenue generated, or other, by a Resolution approved by a Concunent Niajority Vote. ARTIC'LE 5 DUTIES �►F S STA . � A. GENEI2AL DUT S. The Executive Director shall have general au�hoa�ty to . administer the Authority under the direction and control of the Board. The Executive Director shall have the authority to hire, manage, discipline, and terminate all eraiployees for such positions as may be authorized by the Board,.and administer all consultin� and other contracts when approved by the Board. The Executive Director shal� reco end the budget and annual assessments to the Board. The general duties shall i�aclude such other duties as specified in any bylaws, rules, regulations, or procedures adopted by the Board. The duties of the Executive Director may be delegated by the Executive I�i�ector to subordinate employees or perFormed through contractual services. ARTICLE 6 .APPOIN NT OF AS R: CES: �T S A. PURCHASING. The Controller shall recommend to the Board appropriate �czles and regulations for the purchasing of supplies, services, and equipmen�, d shall thereafter undertake a11 such activity in accordance with the rules and regulations so � adopted. � B_ FUNDS AND ACCOUNTS. The Treasurer of the Authority shall esta.blish �d maintain such funds and accounts as may be required by good accounting pra�ice o�by the Board. The Treasurer shall have the custody of and disburse the Authoraty's fiands, and shall have the authority to delegate the signatory function of the Treasurer to such persons as authorized by the Board. Any disbursement over Two Hundred Fif�y I�oll�s ($250_00) shall require at least two signatures. � Tres�i os 3P?a . BY-I,aws ' 03/18/99 C. O NT. A bond paid by the Authority, in the amount dete 'ned by the Board to be adequate, shall be required of a11 officers and personnel autYaorize�to disburse funds of the Authority. � D_ T7 S OF AS R The Treasurer of the Authority shall assume the duties described in Govemment Code Section 6505.5 �as it may from time to time be amended, including: � - . � � . 1. Receive and receipt for all money of the Authority and place it in the treasury of the Treasurer to the credit of the Authority; 2. In accordance with law, manage the investment of all funds of the Authority, keeping sufficient liquidity to pay on time all obligations of the Authority; 3. Be responsible upon his or her official bond for the safekeeping and disbursear�ent of all of Authority money so held by him or her; 4. I'ay, when due, out of the money of the Authority so held by him or her, all sums pa.yable on outstanding bonds and coupons of the Authority; 5. Pay any other sums due from the Authority from Authority money only upon waH-rants signed by the Authority officer of employee so authorized by this Agreeanent, . 6. Recommend a budget to the Executive Director for submission to the Board for adoption as the Authority's budget; 7. Verify and report in writing on the first day of July, October, 7anuary, and April of each year to the Authority and to the Parties the amount of money he or she holds for the l�uthority, the amount of receipts since the last report, and the amount paid out since the last report; and $ Tres Hermanos JPA . ' Draft By-Laws 03/18/99 8. To report in writing to the Authority and the Board, within one haandred twenty (120) days following the close of the Fiscal Year on all financial activities for the Fiscal Year just ended. ARTICLE 7 INDEMNIFICATION AND INSURANCE A INSURANCE. 1. The Authority shall obtain necessary bonding, fiduciary liabili�y, o$�cers and director's liability insurance, and other insurance coverage on a pooled basis as deemed necessary by the Board for all Members, officers, and employees. Such coverage shall be an administrative expense_ 2. The Authority shall procure and maintain, from the. Effectiee d�te, comprehensive liability insurance in the minimunn amount of Five 'llion I3oll�s ($5,000,000) combined single limit per occurrence and annual aggregate. E�ch of�� Authority's Members shall be named as an additional insured on all Authority insusance policies. Alternatively, the Authority may self-insure. The Authority shall, if necess�ry or required, procure and maintain worker's compensation insurance as required by ladv. B. P EGES AND 1vITIES. All of the p�avileges and immunities from liability, exemptions from laws, ordinances, and rules, all pensioa�„ relief, disability, worker's compensation, and other benefits which apply to th�acti�aty of officers, agents, or employees of any Member when performing their respective fi.anctions within the territorial limits of the Member, shall apply to them to the. saax�e degree and extent while engaged in the performance of any of their functions and duties extraterritorially hereunder. 9 • Tres I�ea�nanos JP�, By-L,aws 03/1�/99