(A) The Bank shall be subject to the provisions of the Kansas cash-basis law, K.S.A. 10-1101 et seq., and amendments thereto.

(B) The budget of the Bank shall be prepared, adopted and published as provided by law for other political subdivisions of the state. No budget shall be adopted by the Board until it has been submitted to, reviewed and approved by the Governing Body.

(C) The Board shall keep accurate accounts of all receipts and disbursements. For any year in which the Bank has transactions, the receipts and disbursements of the Board shall be audited during the following year by a certified or licensed public accountant and the report of the audit shall be included in and become part of the annual report of the Board.

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

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

(F) For any year in which the Bank has transactions, it shall make an annual report to the Governing Body on or before January 31 of the following year, showing receipts and disbursements from all funds under its control and showing all property transactions occurring in such year. Such report shall include an inventory of all property held by the Bank. A copy of such inventory also shall be published in the official City newspaper in any year in which the Bank has any assets.

(G) The Bank shall be subject to the provisions of K.S.A. 9-1401 et seq., and amendments thereto. (Ord. 21-24 § 2, 2021; Ord. 10-19 § 1, 2010.)