(a) The Board shall advise the governor or designated officer orofficers of each party state of its budget of estimated expenditures for suchperiod as may be required by the laws of that party state. Each of the Board's budgetsof estimated expenditures shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states.
(b) The total amount of appropriation requests under any budgetshall be apportioned among the party states. Such apportionment shall be inaccordance with the following formula:
(1) One third in equal shares,
(2) One third in the proportion that the population of a partystate bears to the population of all party states, and
(3) One third in the proportion that the per capita income in aparty state bears to the per capita income in all party states.
Inimplementing this formula, the Board shall employ the most recent authoritativesources of information and shall specify the sources used.
(c) The Board shall not pledge the credit of any party state.The Board may meet any of its obligations in whole or in part with fundsavailable to it pursuant to Article VI(h) of this Agreement, provided that theBoard takes specific action setting aside such funds prior to incurring anobligation to be met in whole or in part in such manner. Except where the Boardmakes use of funds available to it pursuant to Article VI(h), or borrowspursuant to this paragraph, the Board shall not incur any obligation prior tothe allotment of funds by the party states adequate to meet the same. The Boardmay borrow against anticipated revenues for terms not to exceed two years, butin any such event the credit pledged shall be that of the Board and not of aparty state.
(d) The Board shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the Board shall be subject tothe audit and accounting procedures established by its bylaws. However, allreceipts and disbursements of funds handled by the Board shall be auditedyearly by a certified or licensed public accountant, and the report of theaudit shall be included in and become part of the annual report of the Board.
(e) The accounts of the Board shall be open at any reasonabletime for inspection by duly constituted officers of the party states and by anypersons authorized by the Board.
(f) Nothing contained herein shall be construed to preventBoard compliance with laws relating to audit or inspection of accounts by or onbehalf of any government contributing to the support of the Board. (1973, c. 200, s. 1.)
(a) The Board shall advise the governor or designated officer orofficers of each party state of its budget of estimated expenditures for suchperiod as may be required by the laws of that party state. Each of the Board's budgetsof estimated expenditures shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states.
(b) The total amount of appropriation requests under any budgetshall be apportioned among the party states. Such apportionment shall be inaccordance with the following formula:
(1) One third in equal shares,
(2) One third in the proportion that the population of a partystate bears to the population of all party states, and
(3) One third in the proportion that the per capita income in aparty state bears to the per capita income in all party states.
Inimplementing this formula, the Board shall employ the most recent authoritativesources of information and shall specify the sources used.
(c) The Board shall not pledge the credit of any party state.The Board may meet any of its obligations in whole or in part with fundsavailable to it pursuant to Article VI(h) of this Agreement, provided that theBoard takes specific action setting aside such funds prior to incurring anobligation to be met in whole or in part in such manner. Except where the Boardmakes use of funds available to it pursuant to Article VI(h), or borrowspursuant to this paragraph, the Board shall not incur any obligation prior tothe allotment of funds by the party states adequate to meet the same. The Boardmay borrow against anticipated revenues for terms not to exceed two years, butin any such event the credit pledged shall be that of the Board and not of aparty state.
(d) The Board shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the Board shall be subject tothe audit and accounting procedures established by its bylaws. However, allreceipts and disbursements of funds handled by the Board shall be auditedyearly by a certified or licensed public accountant, and the report of theaudit shall be included in and become part of the annual report of the Board.
(e) The accounts of the Board shall be open at any reasonabletime for inspection by duly constituted officers of the party states and by anypersons authorized by the Board.
(f) Nothing contained herein shall be construed to preventBoard compliance with laws relating to audit or inspection of accounts by or onbehalf of any government contributing to the support of the Board. (1973, c. 200, s. 1.)
(a) The Board shall advise the governor or designated officer orofficers of each party state of its budget of estimated expenditures for suchperiod as may be required by the laws of that party state. Each of the Board's budgetsof estimated expenditures shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states.
(b) The total amount of appropriation requests under any budgetshall be apportioned among the party states. Such apportionment shall be inaccordance with the following formula:
(1) One third in equal shares,
(2) One third in the proportion that the population of a partystate bears to the population of all party states, and
(3) One third in the proportion that the per capita income in aparty state bears to the per capita income in all party states.
Inimplementing this formula, the Board shall employ the most recent authoritativesources of information and shall specify the sources used.
(c) The Board shall not pledge the credit of any party state.The Board may meet any of its obligations in whole or in part with fundsavailable to it pursuant to Article VI(h) of this Agreement, provided that theBoard takes specific action setting aside such funds prior to incurring anobligation to be met in whole or in part in such manner. Except where the Boardmakes use of funds available to it pursuant to Article VI(h), or borrowspursuant to this paragraph, the Board shall not incur any obligation prior tothe allotment of funds by the party states adequate to meet the same. The Boardmay borrow against anticipated revenues for terms not to exceed two years, butin any such event the credit pledged shall be that of the Board and not of aparty state.
(d) The Board shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the Board shall be subject tothe audit and accounting procedures established by its bylaws. However, allreceipts and disbursements of funds handled by the Board shall be auditedyearly by a certified or licensed public accountant, and the report of theaudit shall be included in and become part of the annual report of the Board.
(e) The accounts of the Board shall be open at any reasonabletime for inspection by duly constituted officers of the party states and by anypersons authorized by the Board.
(f) Nothing contained herein shall be construed to preventBoard compliance with laws relating to audit or inspection of accounts by or onbehalf of any government contributing to the support of the Board. (1973, c. 200, s. 1.)
