12-5903.   Same; cash basis; budgets; accounts andrecords; annual report.(a) The bank shall be subject to the provisions of thecash-basis law,K.S.A. 10-1101 et seq., and amendments thereto.

      (b)   The budget of the bank shall be prepared, adopted and published asprovided by law for other political subdivisions of the state. No budget shallbe adopted by the board until it has been submitted to, reviewed and approvedby the governing body.

      (c)   The board shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the board shall be auditedyearly by a certified or licensed public accountant and the report of the auditshall be included in and become part of the annual report of the board.

      (d)   All records and accounts shall be subject to public inspection pursuantto K.S.A. 45-216 et seq., and amendments thereto.

      (e)   Any moneys of the bank which are not immediately required for thepurposes of the bank shall be invested in the manner provided by K.S.A.12-1675, and amendments thereto.

      (f)   The bank shall make an annual report to the governing bodyon or before January 31 of each year, showing receipts anddisbursements from all funds under its control and showing all propertytransactions occurring in each year. Such report shall include an inventory ofall property held by the bank. A copy of such inventory also shall be publishedin the official city newspaper on or before January 31 of each year.

      (g)   The bank shall be subject to the provisions of K.S.A. 9-1401 etseq., andamendments thereto.

      History:   L. 2009, ch. 120, § 3; July 1.