§ 9. Authority records and fiscal management.

The fiscal year of the authority shall coincide with that of the City.

(a)

All funds of the authority shall be received, held, and secured like other public funds by the appropriate fiscal officers of the city. The funds of the authority shall be maintained under a separate account, shall be used for only the purposes herein authorized, and shall be disbursed only by direction of or with the approval of the authority pursuant to requisitions signed by the director or other designated chief fiscal officer of the authority and countersigned in such instances and manner as the authority bylaws may prescribe. The authority may pay the city as an operating expense a reasonable amount for the services rendered by the city to it at its request.

(b)

The authority bylaws shall provide for maintenance of minutes and other official records of its proceedings and actions, for preparation and adoption of an annual budget for each ensuing fiscal year, for internal supervision and control of its accounts, which function the appropriate city fiscal officers may perform for it at its request, and for an external audit at least annually by an independent certified public accountant who has no personal interest, direct or indirect, in its fiscal affairs. The bylaws shall specify the means by which each of these functions is to be performed and, as to those functions assigned to authority personnel, the manner and schedule of performance.

(c)

No member or employee of the authority shall participate by vote or otherwise on behalf of the authority in any matter in which he has a direct financial interest or an indirect financial interest other than that of the benefits to be derived generally from the development of the downtown area. Participation with knowledge of such interest shall constitute malfeasance and shall result, as regards a member, in automatic forfeiture of office or, as regards an employee, in prompt dismissal.