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Section 2: Budget. <br />A. A budget shall be adopted by July 1 of each year. The Task Force by unanimous vote shall <br />adopt an annual administrative budget for the following calendar year, and shall determine <br />the amount of contribution, if any, by each member. Any excess funds in the administrative <br />budget remaining at the end of the fiscal year shall be carried forward in such manner as to <br />reduce proportionately each member's contribution for the following fiscal year. <br />B. If the Task Force incurs any expenses as a result of a claim for damages, the expenses and <br />any damages paid shall be assessed against each member regardless of whether or not that <br />member is a Contributing Regional Railroad Authority. <br />Section 3: Time of Payment. <br />Except for the initial contribution, all assessments made under the provisions of this Article <br />shall be paid by each member by January 1 of each year unless the member has withdrawn pursuant <br />to Article VIII. <br />Section 4: Budgeting. Accounting. Fiscal Agent and Other Services. <br />The Task Force may contract with any of its members to provide contract management, legal <br />review and budgeting and accounting services necessary or convenient for the Task Force and <br />otherwise act as the Task Force's fiscal agent. Such services shall include, but not be limited to: <br />management of all funds, including contributions and grant monies; payment for contracted services; <br />and relevant bookkeeping and recordkeeping. The contracting and purchasing requirements of the <br />member so selected shall apply to transactions of the Task Force. Such member shall identify the <br />staff person to work as liaison with the Task Force. <br />Section 5: Accountability for Funds. <br />All funds shall be accounted for according to generally acceptable accounting principles. A <br />report on all receipts and disbursements shall be forwarded to the Task Force on an annual basis. <br />The members have the authority to request reports pertaining to any and all budgeting and <br />accounting services. All interest earned from established Task Force funds shall be credited back <br />to that same fund. <br />Page 70 <br />