ASSOCIATION OF BAY AREA GOVERNMENTS JOINT POWERS CREATING ABAG POWER

~ ~ Financi 1 Officer/Treasurer and Secretary assume the duties of their offices upon fot7nati n of ABAG POWER. If either the Chair or Vice-Chair ceases to be a directo ,the resulting vacancy will be filled at the next meeting of the Board. (c) The Ch~ir and Vice-Chair are not entitled to compensation. The Board may authori a reimbursement of expenses incurred by officers. (d) The Bo d may create such other offices and appoint individuals to such offices as it consi ers either necessary or convenient to carry out the purposes of this 11. Limitation on i~iahili Pursuant to Go ernment Code Section 6508.1, the debts, liabilities, and obligations of ABAG POWE do not constitute debts, liabilities, or obligations of any party to this Agreement. A ember may separately contract for or assume responsibility for specific debts, liabilitie , or obligations of ABAG POWER. 12. Fiscal Year. a first fiscal year of ABAG POWER is the period from the date of this Agreement thr ugh December 31, 1998. Each subsequent fiscal yeaz of ABAG POWER ends on Decem er 31. 13. Budget. The B azd may adopt, at its sole discretion, an annual or multi-year budget not later than sixty 60j days before the beginning of a fiscal yeaz. 14. Annual Audits nd Audit Re orts. The Chief Financial Officer/Treasurer will cause an annual financia audit to be made by an independent certified public accountant with respect to all A AG POWER receipts, disbursements, other transactions and entries into the books. A r port of the financial audit will be filed as a public record with each Member. The udit will be filed no later than required by State law. ABAG POWER will pay the co t of the financial audit and charge the cost against the Members in the same manner other administrative costs. 15. (a) ABAG OWER is responsible for the strict accountability of all funds and reports of all re eipts and disbursements. It will comply with every provision of law relating o the establishment and administration of funds, particulazly Section 6505 of a California Government Code. (b) The fun (c) The Ch only in with ap bond. will be accounted for on a full accrual basis. Financial Officer/Treasurer will receive, invest, and disburse funds ;ordance with procedures established by the Board and in conformity ;able law. The Chief Financial Officer/Treasurer will procure a fidelity 5 ABAG POWER JPA