| (a) Financial and operating reports. An RMA shall submit
the following financial and operating reports to each county or city
that is a part of the RMA:
(1) the annual operating and capital budgets adopted
by the RMA each fiscal year pursuant to the trust agreement or indenture
securing bonds issued for a project, and any amended or supplemental
operating or capital budget;
(2) annual financial information and notices of material
events required to be disclosed under Rule 15c2-12 of the United States
Securities and Exchange Commission (17 C.F.R. §240.15c2-12);
and
(3) to the extent not otherwise disclosed in another
report required under this subsection, a statement of any surplus
revenue held by the RMA and a summary of how it intends to use the
surplus revenue.
(b) Investment reports. An RMA shall submit to each
county or city that is a part of the RMA an independent auditor's
review, if required by law, of the reports of investment transactions
prepared by an RMA's investment officers under Government Code, §2256.023.
(c) Certification. Reports submitted under this section
must be approved by official action of the board and certified as
correct by the chief administrative officer of the RMA.
(d) Submission dates. Reports required by subsection
(a)(1) and (3) of this section must be submitted within 90 days after
the beginning of the fiscal year or the adoption of any amended or
supplemental budget. Reports required by subsection (a)(2) and subsection
(b) of this section must be submitted within 30 days after disclosure
under Rule 15c2-12 or approval of the independent auditor's report.
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