A. The insurance fund shall submit to the executive head or designatedofficer or officers of each party state a budget for the insurance fund forsuch period as may be required by the laws of that party state forpresentation to the legislature thereof.
B. Each of the budgets shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states. The requests forappropriations shall be apportioned among the party states as follows: Onetenth of the total budget in equal shares and the remainder in proportion tothe value of agricultural and forest crops and products, excluding animalsand animal products, produced in each party state. In determining the valueof such crops and products the insurance fund may employ such source orsources of information as in its judgment present the most equitable andaccurate comparisons among the party states. Each of the budgets and requestsfor appropriations shall indicate the source or sources used in obtaininginformation concerning value of products.
C. The financial assets of the insurance fund shall be maintained in twoaccounts to be designated respectively as the "operating account" and the"claims account." The operating account shall consist only of those assetsnecessary for the administration of the insurance fund during the nextensuing two-year period. The claims account shall contain all moneys notincluded in the operating account and shall not exceed the amount reasonablyestimated to be sufficient to pay all legitimate claims on the insurance fundfor a period of three years. At any time when the claims account has reachedits maximum limit or would reach its maximum limit by the addition of moneysrequested for appropriation by the party states, the governing board shallreduce its budget requests on a pro rata basis in such manner as to keep theclaims account within such maximum limit. Any moneys in the claims account byvirtue of conditional donations, grants or gifts shall be included incalculations made pursuant to this paragraph only to the extent that suchmoneys are available to meet demands arising out of claims.
D. The insurance fund shall not pledge the credit of any party state. Theinsurance fund may meet any of its obligations in whole or in part withmoneys available to it under subsection G of § 3.2-718 of this compact,provided that the governing board takes specific action setting aside suchmoneys prior to incurring any obligation to be met in whole or in part insuch manner. Except where the insurance fund makes use of moneys available toit under subsection G of § 3.2-718 hereof, the insurance fund shall not incurany obligation prior to the allotment of moneys by the party states adequateto meet the same.
E. The insurance fund shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the insurance fund shall besubject to the audit and accounting procedures established under its bylaws.All receipts and disbursements of funds handled by the insurance fund shallbe audited yearly by a certified or licensed public accountant and a reportof the audit shall be included in and become part of the annual report of theinsurance fund.
F. The accounts of the insurance fund shall be open at any reasonable timefor inspection by duly authorized officers of the party states and by anypersons authorized by the insurance fund.
A. The insurance fund shall submit to the executive head or designatedofficer or officers of each party state a budget for the insurance fund forsuch period as may be required by the laws of that party state forpresentation to the legislature thereof.
B. Each of the budgets shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states. The requests forappropriations shall be apportioned among the party states as follows: Onetenth of the total budget in equal shares and the remainder in proportion tothe value of agricultural and forest crops and products, excluding animalsand animal products, produced in each party state. In determining the valueof such crops and products the insurance fund may employ such source orsources of information as in its judgment present the most equitable andaccurate comparisons among the party states. Each of the budgets and requestsfor appropriations shall indicate the source or sources used in obtaininginformation concerning value of products.
C. The financial assets of the insurance fund shall be maintained in twoaccounts to be designated respectively as the "operating account" and the"claims account." The operating account shall consist only of those assetsnecessary for the administration of the insurance fund during the nextensuing two-year period. The claims account shall contain all moneys notincluded in the operating account and shall not exceed the amount reasonablyestimated to be sufficient to pay all legitimate claims on the insurance fundfor a period of three years. At any time when the claims account has reachedits maximum limit or would reach its maximum limit by the addition of moneysrequested for appropriation by the party states, the governing board shallreduce its budget requests on a pro rata basis in such manner as to keep theclaims account within such maximum limit. Any moneys in the claims account byvirtue of conditional donations, grants or gifts shall be included incalculations made pursuant to this paragraph only to the extent that suchmoneys are available to meet demands arising out of claims.
D. The insurance fund shall not pledge the credit of any party state. Theinsurance fund may meet any of its obligations in whole or in part withmoneys available to it under subsection G of § 3.2-718 of this compact,provided that the governing board takes specific action setting aside suchmoneys prior to incurring any obligation to be met in whole or in part insuch manner. Except where the insurance fund makes use of moneys available toit under subsection G of § 3.2-718 hereof, the insurance fund shall not incurany obligation prior to the allotment of moneys by the party states adequateto meet the same.
E. The insurance fund shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the insurance fund shall besubject to the audit and accounting procedures established under its bylaws.All receipts and disbursements of funds handled by the insurance fund shallbe audited yearly by a certified or licensed public accountant and a reportof the audit shall be included in and become part of the annual report of theinsurance fund.
F. The accounts of the insurance fund shall be open at any reasonable timefor inspection by duly authorized officers of the party states and by anypersons authorized by the insurance fund.
A. The insurance fund shall submit to the executive head or designatedofficer or officers of each party state a budget for the insurance fund forsuch period as may be required by the laws of that party state forpresentation to the legislature thereof.
B. Each of the budgets shall contain specific recommendations of the amountor amounts to be appropriated by each of the party states. The requests forappropriations shall be apportioned among the party states as follows: Onetenth of the total budget in equal shares and the remainder in proportion tothe value of agricultural and forest crops and products, excluding animalsand animal products, produced in each party state. In determining the valueof such crops and products the insurance fund may employ such source orsources of information as in its judgment present the most equitable andaccurate comparisons among the party states. Each of the budgets and requestsfor appropriations shall indicate the source or sources used in obtaininginformation concerning value of products.
C. The financial assets of the insurance fund shall be maintained in twoaccounts to be designated respectively as the "operating account" and the"claims account." The operating account shall consist only of those assetsnecessary for the administration of the insurance fund during the nextensuing two-year period. The claims account shall contain all moneys notincluded in the operating account and shall not exceed the amount reasonablyestimated to be sufficient to pay all legitimate claims on the insurance fundfor a period of three years. At any time when the claims account has reachedits maximum limit or would reach its maximum limit by the addition of moneysrequested for appropriation by the party states, the governing board shallreduce its budget requests on a pro rata basis in such manner as to keep theclaims account within such maximum limit. Any moneys in the claims account byvirtue of conditional donations, grants or gifts shall be included incalculations made pursuant to this paragraph only to the extent that suchmoneys are available to meet demands arising out of claims.
D. The insurance fund shall not pledge the credit of any party state. Theinsurance fund may meet any of its obligations in whole or in part withmoneys available to it under subsection G of § 3.2-718 of this compact,provided that the governing board takes specific action setting aside suchmoneys prior to incurring any obligation to be met in whole or in part insuch manner. Except where the insurance fund makes use of moneys available toit under subsection G of § 3.2-718 hereof, the insurance fund shall not incurany obligation prior to the allotment of moneys by the party states adequateto meet the same.
E. The insurance fund shall keep accurate accounts of all receipts anddisbursements. The receipts and disbursements of the insurance fund shall besubject to the audit and accounting procedures established under its bylaws.All receipts and disbursements of funds handled by the insurance fund shallbe audited yearly by a certified or licensed public accountant and a reportof the audit shall be included in and become part of the annual report of theinsurance fund.
F. The accounts of the insurance fund shall be open at any reasonable timefor inspection by duly authorized officers of the party states and by anypersons authorized by the insurance fund.
