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(3) Seats 7, 8 and 9 shall be appointed initially <br /> for three (3) years, and thereafter for three (3) <br /> years; <br /> <br /> (c) Powers and Duties of the Authority. <br /> <br /> (1) In addition to any other powers and duties of <br /> the Authority otherwise conferred by law, the Authority <br /> may contract with any person, firm, corporation, or <br /> agency to assist it in the promotion of travel and <br /> tourism and to carry out the purposes identified in <br /> Section l(e)(2) of this Act and otherwise related <br /> thereto; <br /> <br /> (2) On or before April 1 of any year after the <br /> tax levy herein has been authorized, the Authority <br /> shall prepare an annual budget based upon anticipated <br /> revenues and shall submit the budget to the County <br /> Manager for processing and approval through the regular <br /> budget procedure of the County. The Authority shall <br /> make quarterly reports to the Board detailing its <br /> revenues, expenditures and activities. The County may <br /> audit the Authority's financial records upon reasonable <br /> notice to the Authority. At the end of each fiscal <br /> year, any funds of the Authority not expended, <br /> obligated or reserved as approved by the Board, shall <br /> be remitted to Cabarrus County for its use. <br /> <br /> Section 3. Effective Date. This act is effective upon <br />ratification. <br /> <br /> <br />