The authority shall issue quarterly and annually financial reports of its operations
and shall also cause annual audits to be made of its operations and affairs by an
independent certified public accountant, in such detail as may be necessary to show
the financial operation and status of the authority, and the same shall be preserved
as public records of the authority. The authority's records may be audited at any
time by the Council Auditor of the City of Jacksonville. Members of the authority
shall be required to give a good and sufficient surety bond in the sum of $50,000,
payable to the City of Jacksonville, conditioned upon the faithful performance of
their duties as members of the authority. Such bonds shall be approved by and filed
with the clerk of the circuit court of Duval County, and the premium or premiums thereon
shall be paid by the authority as a necessary expense of the authority. The authority
shall have power to require its managing director and such others of its employees
as they may deem necessary to furnish good and sufficient surety bond in such sum
as the authority shall require, conditioned upon the faithful performance of duties,
and to pay the premium or premiums thereon as a necessary expense of the authority.
(Laws of Fla., Ch. 2004-464, § 1)
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