made. Business of the authority may only be conducted when a quorum is present. A quorum consist of a majority of the total membership. Section 115430. (A) The authority shall receive state funds as appropriated by the General Assembly. (B) In addition to funding sources listed in subsection (A), the authority is authorized to solicit and accept private and public donations, grants, gifts, and federal funds. All funds received by the authority, regardless of their source, are to be held and accounted for by the State Treasure in a separate account to be known as the Corridor Authority from ‘I95 Fund’. Disbursements the authority fund must only be made upon the signature of the chairmen of the board of directors, or a designee of the board, upon written warrants of the Comptroller General drawn on the State Treasurer to the payee designated in the requisition. (C) The authority must distribute funds throughout the member counties as grants, in a manner which fulfills the charge in Section 115410. The authority must create guidelines to govern the selection of recipients of grants and the distribution of grant funds. (D) The authority must be audited annually by the State Auditor or by an independent certified public accounting firm approved by the State Auditor.” SECTION 2. This act takes effect upon approval by the Governor. XX
made. Business of the authority may only be conducted when a quorum is present. A quorum consist of a majority of the total membership. Section 115430. (A) The authority shall receive state funds as appropriated by the General Assembly. (B) In addition to funding sources listed in subsection (A), the authority is authorized to solicit and accept private and public donations, grants, gifts, and federal funds. All funds received by the authority, regardless of their source, are to be held and accounted for by the State Treasure in a separate account to be known as the ‘I95 Corridor Authority Fund’. Disbursements from the authority fund must only be made upon the signature of the chairmen of the board of directors, or a designee of the board, upon written warrants of the Comptroller General drawn on the State Treasurer to the payee designated in the requisition. (C) The authority must distribute funds throughout the member counties as grants, in a manner which fulfills the charge in Section 115410. The authority must create guidelines to govern the selection of recipients of grants and the distribution of grant funds. (D) The authority must be audited annually by the State Auditor or by an independent certified public accounting firm approved by the State Auditor.” SECTION 2. This act takes effect upon approval by the Governor. XX
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