App § 33. Indebtedness
§ 33. Indebtedness (a) Short-term borrowing. (1) The Board may borrow money through the issuance of notes of the Authority for the purpose of paying current expenses of the Authority. Such notes must mature within one year. (2) The Board may also borrow money in anticipation of assessment to each member in an amount not […]
App § 34. Sinking fund
§ 34. Sinking fund (a) The Board may establish and provide for a sinking fund for the retirement of bond issue or other debt, or to provide security for the payment thereof. (b) When so established, the sinking fund shall be kept intact and separate from other monies at the disposal of the Authority, and […]
App § 35. Capital reserve fund
§ 35. Capital reserve fund (a) The Board may establish and provide for a capital reserve fund to pay for public improvements, replacement of worn-out buildings and equipment, and major repairs of Authority facilities. (b) Any such capital reserve fund shall be kept in a separate account and invested as are other public funds and […]
App § 36. Special Authority meetings
§ 36. Special Authority meetings (a) The Board may on its own motion call special meetings of the Authority and shall call a special meeting of the Authority when action by the voters of the Authority is required. (b) The Board shall call a special meeting of the Authority if petitioned to do so by […]
App § 27. Fiscal year
§ 27. Fiscal year The fiscal year of the Authority shall commence on July 1 and end on June 30 of each year. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)
App § 28. Budget appropriation and assessment
§ 28. Budget appropriation and assessment (a) Proposed budget. (1) Annually on or before January 1, the Board shall approve and cause to be distributed to the legislative body of each member for review and comment an annual report of its activities, including a financial statement, the budget history of the preceding two years, a […]
App § 29. Cost-sharing formula
§ 29. Cost-sharing formula (a) Following its initial meeting, the Authority shall be charged with the creation and acceptance of a memorandum of understanding (MOU) that outlines a cost-sharing formula between member municipalities. (b) The MOU shall then be proposed to the legislative bodies of the member municipalities for adoption. (c) It is anticipated that […]
App § 30. Invoice
§ 30. Invoice After adoption of the budget for the ensuing fiscal year, the Authority shall deliver an invoice to each member for its share of the net cost of operating the Authority, accompanied by its budget estimates for the next two years. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)
App § 22. Grand Juror
§ 22. Grand Juror (a) The Board may appoint a Grand Juror who shall inquire into any person’s offenses under the Authority’s rules or applicable law and present them to the proper authority. If the Attorney General or the State’s Attorney is unwilling to prosecute such offenses, the Grand Juror may do so. For these […]
App § 23. Open meetings and public records
§ 23. Open meetings and public records The conduct of all meetings and the maintenance of all records of the Authority and the Board shall be governed by the laws of this State relating to open meetings and accessibility of public records. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)