Sec. 32-603. Adoption of procedures.
186 words·~1 min read·
/ct/title-32/chapter-588x-capital-region-development-authority/32-603·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of directors of the Capital Region Development Authority shall adopt written procedures, in accordance with the provisions of section 1-121 , for:
(1)Adopting an annual budget and plan of operations, which shall include a requirement of board approval before the budget or plan may take effect;
(2)hiring, dismissing, promoting and compensating employees of the authority, which shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled;
(3)acquiring real and personal property and personal services, which shall include a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars;
(4)contracting for financial, legal, bond underwriting and other professional services which shall include a requirement that the authority solicit proposals at least once every three years for each such service which it uses;
(5)issuing and retiring bonds, notes and other obligations of the authority;
(6)providing financial assistance, which shall include eligibility criteria, the application process and the role played by the authority's staff and board of directors; and
(7)the use of surplus funds.