83-055 - WA Cities Insurance Authority (WCIA)

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and records of the Authority shall be in the hands of the Treasurer and shall be open to any inspection at all reasonable times by representatives of Member Cities. (c) Insurance Manager's Report. The Insurance Manager, within one hundred and twenty (120) days after the close of each fiscal year, shall give a complete written report of all financial activities for such fiscal year to the Board and to each Member City. (d) Annual Audit. The Board may provide for a certified, annual audit of the accounts and records of the Authority which audit shall conform to generally accepted auditing standards. When such an audit of the accounts and records is made by a Certified Public Accountant, a report thereof shall be filed as a public record with each of the Member Cities. Such report shall be filed within six (6) months of the end of the year under examination. (e) Costs Any rosts of the audit, including contracts with, or employment of, Certified Public Accountants, in making an audit pursuant to this Article, shall be borne by the Authority and shall be considered included within the term "administrative costs." ARTICLE 15 Responsibility for Monies (a) The Treasurer of the Authority shall have the custody of and disburse the Authority's funds subject to Board approval. He or she shall have the authority to delegate the signatory function to such persons as are authorized by the Board (b) A bond in the amount set by the Board, but not less than one million dollars ($1,000,000), shall be required of all officers and personnel authorized to disburse funds of the Authority, such bond to be paid for by the Authority. (c) The Treasurer's duties shall include (1) Receive and receipt for all money of the Authority and place it in the treasury to the credit of the Authority, (2) Be responsible upon his or her official bond for the safekeeping and disbursement of all of the Authority's money so held by him or her; 10