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ARTICLE VI <br />RECORDS; FINANCIAL <br />Section 6.1 RECORDS. The Authority shall keep minutes of the proceedings of the <br />Board and any committees established by the Board. The Authority shall also keep copies of all <br />correspondence, contracts and other writings made, maintained, or�kept by the Au�hority for use <br />in the exercise of functions required or authorized by law or administrative rule or involving the <br />receipt or expenditure of public funds. All such records shall be deemed "public records" and <br />shall be subject to the requirements of the public records act, C.R.S. 24-72-201, et seq. <br />SeetiQrr 6.2 FIIVAII�CIAL. T�e Au�ority sh�1 rnai�tai� -bavks � the €r��i�i <br />affairs of the Authority in accordance with GAAP requirements for local governments. The <br />Board shall have an annual audit or file an application for an audit exemption in the manner <br />required by law. <br />Seetio� -6:3 -&UI�ET Eac� year t�e .board s�a�l .advpt an a��� b�d�et -fo� -the .�ext <br />ensuing calendar year in accordance with the Colorado Local Govemment Budget Law, Part 1 of <br />Article 1 of Title 29, Colorado Revised Statutes. The Board shall, if necessary, adopt such <br />supplemental or amended budgets as may be required. <br />ARTICLE VII <br />AMENDMENTS <br />These Bylaws may be altered, amended or repealed and new Bylaws may be adopted by <br />the Board. <br />CERTIFICAT� <br />I hereby certify that the foregoing Bylaws, consisting of 6 pages, including this page, <br />constitute the Bylaws of Lake Durango Water Authority, adopted by the Board of Directors of <br />the Authority and approved by the Members of the Authority as of February 11, 2008. <br />Secretary <br />� <br />