07-12-2006 Council Agenda - Laserfiche WebLink

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ARTICLE 8. FUNDING A. Financial Members' Contributions. The TASK FORCE will collect, if determined by the TASK FORCE to be needed, the funding for items listed below. This funding shall be based on corridor county population for the most recent census year or most recent state demographer data available. For capital projects located in one county, that county or regional railroad authority would be expected to fund the non - federal portion of the project costs if federal funds are received for that project. (a) Administrative costs shall include but not limited to salaries and fringe benefits, rent, utilities, transportation, travel, telephone, office supplies, insurance, accounting and legal fees not relating to a specific corridor, and membership fees and dues incurred by the Board. B. Annual Budget. For the calendar year next following the calendar year in which the EFFECTIVE DATE occurs and all subsequent years, the TASK FORCE shall establish and approve a budget. C. Financial Members' Budget Approval. Adoption of the budget shall require unanimous approval of the Financial Members. D. Contribution Date. Except for any initial contribution required by this AGREEMENT, assessments made under the provisions of this article shall be paid by each Financial Member by January 3 of each year. The initial contribution shall be made within sixty (60) days of the adoption of the budget pursuant to Article 8(A) thereof E. Budgeting, Accounting, Fiscal Agent, and Other Services. The TASK FORCE may contract with any party to provide contract management, legal review, and budgeting and accounting services necessary or convenient for the TASK FORCE and otherwise act as the TASK FORCE's fiscal agent. Such services shall include, but not be limited to, management of all funds, including contributions and grant monies, payment for contracted services, and relevant bookkeeping and record keeping. The contracting and purchasing requirements of the member so selected shall apply to transactions of the TASK FORCE. Such member shall identify the staff person to work as liaison with the TASK FORCE. F. Accountability for Funds. All funds shall be accounted for according to generally acceptable accounting principles. A report on all receipts and disbursements shall be forwarded to the TASK FORCE on an annual basis. The parties have the authority to request reports pertaining to any and all budgeting and accounting services. All interest earned from established TASK FORCE funds shall be credited back to that same fund. ARTICLE 9. WITHDRAWAL AND TERMINATION A. Withdrawal. Any party may withdraw from this AGREEMENT upon 90 -days prior written notice evidenced by resolution of the party's governing body to the TASK FORCE. In the Page 8 of 27