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public funds shall be to the Agency and shall be disbursed by the Agency which shall be accountable for all funds and responsible for reportinq to the parties hereto concerning all receipts and disbursements. Allocations of costs shall be determined by the Executive Committee and approved by the Board of Directors. Contributions shall be proportional to the total population of each member and shall be based-on the annual revenue estimated to be necessary to fund the aporoved budqet for the then current fiscal year. Assessments will be made auarterly and will be voluntary on the part of the members, except that payment shall be a condition to continued membership, and the parties may, by separate agreement, bind themselves to make payments by contract for specific functions. Revenues qenerated by construction or operation of revenue-producinq facilities or activities shall be applied to repayment and return to the parties of all or any part of any contributions or assessments as may be determined by the Board of Directors. 5. Desionation of Treasurer and Auditor-Controller. The ~reasurer of the County of San Mateo is hereby designated as the treasurer of the Agency and as the depositary to have custody of all the money of the Agency, from whatever source. The treasurer and the officer performing the functions of auditor or controller, who shall be the Auditor-Controller of the County of San Mateo, shall have the duties and obliga- tions set forth in Section 6505.5 of the Government Code of the State of California. 6. Accountability of Funds, Reports and Audits. There shall be strict accountability of al! funds "~nd a report of all receipts and disbursements of the AQency. The auditor-controller, hereinabove referred to, shall cause annual audits of the accounts and records of the Agency to be prepared in accordance with the requirements contained in Section 6505 of the Government Code of the State of California. The fiscal year of the Agency shall terminate June 30th of each year. The Aqency shall establish and maintain all necessary funds and accounts which shall be open to inspection at all reasonable'times to each of the parties hereto. 7. Insurance. The authority shall insure itself and the parties ~s agreement against such risks and in such amounts as are reasonably obtainable and customary for enterprises of a like nature. - 7 -