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U <br />Funds shall be deposited in interest bearing accounts until needed for <br />loss payment, consistent with good cash mauagenuent. Semi- annual, reports <br />of disbursements and investments will be made by the Treasurer. investments <br />shall be governed by the same State Statutes that govern County investments. <br />Section 2 - The contribution of funds by each member agency shall be <br />established for the initial, tern by the Directors. An Actuary may be hired <br />to compute the annual, contribution for each member agency for each subsequent <br />year based on the level of.l.iabl.:lity protection selected by the Directors. <br />Section 3 -- Audit of Accounting Records The Directors sh employ <br />a CPA Firm annually to review the accounting records and ptovid.e a written <br />audit. <br />Article VII <br />DiRopluti.ou..shall be accomplished- according to General Statute <br />Chapter 55A, Article 7. <br />Article VIII <br />Matters not covered by the lay -*Laws shall be governed by application <br />of General. Statutes Chapter 55A And the Articles of Incorporation as <br />appropriate. <br />Article IX <br />Any change in the Sy --Laws shall require a two-- third's majority vote <br />of the Directors. <br />Page 3 of 3 <br />F -5 <br />Attachment number 3 \n <br />Page 144 <br />