(A) All funds of the Historic Railroad Multi-Jurisdictional Port Authority shall be deposited in a special account known as the Historic Railroad Multi-Jurisdictional Port Authority Fund which shall be maintained under the supervision of the Treasurer and subject to annual audit as may be required by the Indiana State Board of Accounts. For the purpose of identifying audit responsibility only, the members agree that fiscal reporting shall be done by the Town Fishers. Monies received shall be deposited in accordance with sound fiscal practice; and shall be paid only upon claims approved by the Board.
(B) No claims shall be approved for any expenditure not consistent with the purposes set forth herein. No contract or undertaking shall be approved with any third party which shall cause the Historic Railroad Multi-Jurisdictional Port Authority to become liable for the expenditure of funds which is not consistent with the purposes set forth herein.
(Ord. 35-9-94, passed 11-28-94; Am. Ord. 21-4-98, passed 4-27-98)