(1) At least thirty days prior to the beginning of the first full fiscal year following
the effective date of the conversion of a transit authority established under the
Transit Authority Law into a regional metropolitan transit authority, the board shall
establish a fiscal operating year, and annually thereafter the board shall cause to
be prepared a tentative budget which shall include all operation and maintenance expenses
for the ensuing fiscal year. The tentative budget shall be considered by the board and, subject to any revision
and amendments adopted by the board, shall be adopted prior to the first day of the
ensuing fiscal year as the budget for that year. No expenditure for operations and maintenance in excess of the budget shall be made
during any fiscal year except by a two-thirds vote of the board. It shall not be necessary to include in the annual budget any statement of interest
or principal payments on revenue bonds or certificates or for capital outlays, but
the board shall make provision for payment of the same from appropriate funds.
(2) As soon after the end of each fiscal year as practicable, the board shall cause
to be prepared and printed a complete and detailed report and financial statement
of its operations and of its assets and liabilities. A reasonably sufficient number of copies of such report shall be printed for distribution
to persons interested upon request, and a copy shall be mailed to the mayor of the
city or chairperson of the village board of trustees and the governing body of the
municipality or municipalities that form the authority.
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