Revenue from assessment used to promote dairy industry -- Deposit of money -- Annual audit of books, records, and accounts -- Annual financial report to producers.
Revenue from assessment used to promote dairy industry -- Deposit of money -- Annual audit of books, records, and accounts -- Annual financial report to producers.
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(1) The revenue derived from the assessment imposed by Section 4-22-201 shall be used exclusively for the:
(a) administration of this chapter; and
(b) promotion of the state's dairy industry.
(2) The commission may deposit the proceeds of the assessment in one or more accounts in one or more banks approved by the state as depositories.
(3)
(a) The commission shall keep a voucher, receipt, or other written record for each withdrawal from the commission accounts.
(b) Money may not be withdrawn from the commission accounts except:
(i) upon order of the commission; or
(ii) pursuant to a procedure adopted by the commission if the withdrawal is subsequently ratified by the commission.
(4) The books, records, and accounts of the commission's activities are public records.
(5)
(a) The accounts of the commission shall be audited once annually by a licensed accountant selected by the commission and approved by the state auditor.
(b) The results of the audit shall be submitted to the:
(i) commissioner;
(ii) commission; and
(iii) Division of Finance.
(c) The commission shall send annually a financial report to each producer.