Sec. 18-8.1. The financial activities, management and business affairs of the trust, with the exception of trust investments managed by board of trustees in accordance with Section 18-7.6, shall be managed effectively and efficiently by the administrator in consultation with the finance director. The administrator shall submit reports on the status of the trust to the board of trustees periodically and no less frequently than annually.
Sec. 18-8.2. The trust shall comply with all federal, state and local laws, rules, regulations, standards and executive orders, without limitation to those designated within the trust agreement.
Sec. 18-8.3. The trust shall not discriminate against any individual in any way on account of such individual's race, color, religion, sex, age, disability, or national origin.
Sec. 18-8.4. The trust shall be audited annually by an external auditor engaged in accordance with the city's procurement code. The audit shall be conducted in accordance with state law requirements and the city's audit policies, and a copy of the audit report kept on file in the office of the city clerk for a period of not less than five (5) years. In the event that the audit of the trust's financial statements is included in the city's CAFR, the trust's financial statements shall be audited separately, and the external auditor shall issue an audit opinion with regard to the trust's financial statements.
Sec. 18-8.5. All purchases by or on behalf of the trust, with the exception of the purchase of insurance contracts and coverages, shall comply with Chapter 28 of the Code (the Tucson procurement code). Purchases completed with trust assets for purposes of settling claims against the city shall not be considered purchases by or on behalf of the trust and shall not be subject to the Tucson procurement code. Payment for materials and services contracted for by the trust shall be the exclusive obligation of the trust, subject to the termination provisions of section 18-12 and the termination provisions of the trust agreement.
(Ord. No. 11832, § 2, 5-4-21)