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• (03) After full consideration of the budget, the Commissioners of the <br /> Authority shall approve it and the Chair of the Authority shall submit the <br /> budget to the City Council not later than the tenth day of September of <br /> each year. <br /> ARTICLE 6. <br /> SCOPE OF POWERS AND DUTIES <br /> 6.1) Contracts and Procurement <br /> (01) All construction work and work of demolition and clearing, <br /> contracts for services or for repairs, maintenance and replacements, and <br /> every purchase of equipment, supplies or materials and contracts therefor <br /> shall be in accordance with the procurement policies, if any, established <br /> by resolution of the Authority. <br /> (02) Approval of Contract by Attorney - Except for the purchase of <br /> expendable office supplies, no contract shall be made by the Authority <br /> through any officer or employee except in writing approved as to form by <br /> the attorney for the Authority. <br /> (03) Execution of Contracts - Unless otherwise directed by the <br /> Authority or required by the State or Federal agencies furnishing funds to <br /> the Authority, all contracts shall be executed on behalf of the Authority <br /> by any two of the officers of the Authority, or one officer of the Authority <br /> and the Executive Director. <br /> 6.3) Disbursements <br /> (01) Federal Funds - All funds received from the Government of the <br /> United States or any of its agencies shall be disbursed and accounted for <br /> in accordance with the regulations or requirements from time to time <br /> made by the Federal agencies furnishing said funds to the Authority. <br /> (02) Official Depository - All monies received by the Authority from any <br /> source whatsoever shall be deposited in approved bank accounts of the <br /> Authority and shall be disbursed only by check, except that petty cash <br /> funds not exceeding One Hundred Dollars ($100) at any time may be <br /> maintained by the Authority. <br /> (03) Checks - All checks drawn on bank accounts of the Authority shall <br /> indicate the fund and, in the case of a project, the project to be charged. <br /> • All checks shall be signed by the two designated Commissioners of the <br /> Authority, or one officer of the Authority and the Executive Director. <br /> 5 <br />