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  <br />29 <br />  Version Oct 13, 2022 <br />Section 8.08 FUNDS TO BE KEPT. There must be maintained in the Red River Regional <br />Dispatch Center Authority treasury the funds required by ARTICLE X of this Agreement and <br />other funds as may be required by law, the budget resolution or other resolution. The RRRDC <br />Authority Board may, by resolution, make inter-fund loans except from trust or funds that are <br />required to be restricted in some manner required by an applicable grant or other funding <br />agreement. <br /> <br />Section 8.09 FINANCIAL MANAGEMENT POLICY. The RRRDC Authority Board will <br />adopt a financial management policy upon the recommendation of the Budget & Finance <br />Committee. The financial management policy should include reference to the annual audit process <br />and the RRRDC Authority Board may, at its discretion, create an audit subcommittee or task the <br />Budget & Finance Committee to initiate the process. <br /> <br />ARTICLE IX. <br />SOURCES OF REVENUES [RESERVED] <br /> <br />ARTICLE X. <br />FINANCIAL OVERSIGHT/ FISCAL AGENT <br /> <br />Section 10.01 FINANCIAL OVERSIGHT. Under the oversight of the RRRDC Authority <br />Board and the Budget & Finance Committee, the Clay County Auditor, the Cass County <br />Finance Director, the City of Fargo Finance Director, the City of West Fargo Finance Director <br />and the City of Moorhead Finance Director shall work cooperatively to develop written <br />administrative procedures and establish funds for the management of Dispatch Center funds, <br />Debt Obligation proceeds, the repayment of the debt service on any Debt Obligations, including, <br />but not limited to procedures for handling Dispatch Center payment requests, ensuring tax and <br />arbitrage compliance, and all other financial records for the Dispatch Center and the Red River <br />Regional Dispatch Center Authority. Said written administrative procedures must be kept on <br />file with the Secretary and made available for public inspection. <br />Section 10.02 INTERIM FISCAL AGENT. Cass County, acting through the Cass County <br />Finance Director, shall serve as the Fiscal Agent for the Dispatch Center, to serve for an <br />indefinite term; which may resign as such at any time and which may be removed at any time by <br />the RRRDC Authority Board. The City of Fargo, having served as the Fiscal Agent for many <br />years prior to the Effective Date, shall serve as the Interim Fiscal Agent for the Dispatch Center <br />on a temporary, interim basis and until such time as a transition of the role of Fiscal Agent to Cass <br />County is completed, said transition to Cass County ending no later than six (6) months after the <br />Effective Date. The Interim Fiscal Agent shall have the same powers, obligations, and duties as <br />the Fiscal Agent. <br /> <br />Section 10.03 APPOINTMENT OF FISCAL AGENT. At such time as Cass County is no <br />longer the Fiscal Agent, whether by termination at the instance of Cass County, the RRRDC <br />Authority Board, or otherwise, then in such event, pursuant to Section 5.09 of this Agreement, <br />the RRRDC Authority Board may appoint a Fiscal Agent. The Fiscal Agent is chosen by the <br />RRRDC Authority Board solely on the basis of cost, experience, and fiscal management <br />qualifications. The Fiscal Agent is appointed by the RRRDC Authority Board for an indefinite <br />term and may be removed at any time by the RRRDC Authority Board.