07. Red River Regional Dispatch Center Joint Powers Agreement review
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07. Red River Regional Dispatch Center Joint Powers Agreement review
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<br />30 <br /> Version Oct 13, 2022 <br /> <br />Section 10.04 FISCAL AGENT. The Fiscal Agent shall be responsible for the <br />administration of financial and accounting functions for the Red River Regional Dispatch Center <br />Authority. The Fiscal Agent may be compensated by the Red River Regional Dispatch Center <br />Authority at a rate mutually agreed upon by the Red River Regional Dispatch Center Authority <br />and the Fiscal Agent. The Fiscal Agent shall establish and maintain for the management of <br />Dispatch Center funds including but not limited, to annual budgets, revenues, proceeds of Debt <br />Obligations and the repayment of the debt service on the Debt Obligations. <br /> <br />Section 10.05 MISCELLANEOUS FUND ACCOUNTS. The Fiscal Agent is hereby <br />authorized to establish and maintain such other fund accounts or sub-fund accounts as may be <br />required by the terms of the Debt Obligations or agreed upon by the Member Entities. <br /> <br />Section 10.06 FISCAL AGENT TO ACT AS TRUSTEE OF FUNDS. The Fiscal Agent, acting <br />as a trustee with a fiduciary duty to the other Member Entities, shall manage Dispatch Center <br />funds outlined in Sections 10.04 and 10.05. If for any reason the Fiscal Agent shall neglect or fail <br />to perform said fiduciary duties, the RRRDC Authority Board and the Member Entities may <br />intervene and take any action necessary to avoid a default in payment of the debt service on the <br />Debt Obligations and ensure the proper management of the various funds described in Sections <br />10.04 and 10.05. <br /> <br />Section 10.07 FUNDS OPEN TO INSPECTION. At all times during the term of this <br />Agreement, the Fiscal Agent shall make available for inspection its financial records with respect <br />to the funds described in Section 10.04 of this Agreement. The Member Entities agree that <br />GAAP procedures shall govern. <br /> <br />Section 10.08 NO COMMINGLING OF FUNDS. All funds of the Red River Regional <br />Dispatch Center Authority shall be held in separate accounts in the name of the Red River <br />Regional Dispatch Center Authority and not commingled with funds of any Member Entity or <br />any other person or entity. All funds of the Red River Regional Dispatch Center Authority shall <br />be strictly and separately accounted for, and regular reports shall be rendered of all receipts and <br />disbursements, at least quarterly during the calendar year. The Red River Regional Dispatch <br />Center Authority shall contract with a public accountant to make an annual audit of the accounts <br />and records of the Red River Regional Dispatch Center Authority. All expenditures shall be <br />made in accordance with the Approved Budget. Notwithstanding the foregoing, so long as the <br />City of Fargo is acting as Fiscal Agent, the obligation to hold Red River Regional Dispatch <br />Center Authority funds in separate accounts shall not be applicable, as the City of Fargo is <br />unable to comply with such requirements. The City of Fargo shall, however, endeavor to account <br />separately for such Red River Regional Dispatch Center Authority funds, deposits, and <br />expenditures. In no event shall Pledged Revenues be considered funds legally available to the <br />City of Fargo in conjunction with separate debt or bond instruments or indentures issued by the <br />City of Fargo for non-Dispatch Center related activity. <br /> <br />Section 10.09 REPORTS AND AUDITS. The Fiscal Agent shall submit a quarterly report <br />to the RRRDC Authority Board Members and the Member Entities showing any activity
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