All funds of TFE not otherwise employed shall be deposited in such banks, trust companies or other reliable depositories as the TFE Board may from time to time determine. Each account in any depository selected by the Board of Directors shall be in the name of TFE singly, or jointly with the names of the operating division, if any, for whose use the funds are being held. These deposits shall be kept separate and distinct and shall be separately identified from any funds of the Tulalip Tribes and other Tribal entities.
(Ord. 66 § 5.1, 5-10-1986 (Res. 86-0280))
All checks, drafts, or other order for payment of money, notes or other evidence of indebtedness, issued in the name of or payable to TFE, shall be signed or endorsed by such officers or agents of TFE and in such manner as the TFE Board from time to time may determine.
(Ord. 66 § 5.2, 5-10-1986 (Res. 86-0280))
No loan or advance shall be contracted on behalf of TFE, and no note, debenture, bonds, guarantees or other evidence of indebtedness shall be issued in its name unless and except as authorized by the TFE Board. Each such authorization of the Board shall relate to specific transactions, and may include authorization to pledge, as security for loans and advances so authorized, any or all securities or other properties at any time owned by TFE, subject to the restrictions set out in this chapter.
(Ord. 66 § 5.3, 5-10-1986 (Res. 86-0280))
When authorized by the TFE Board, the Chairman or other officers or agents of TFE may, in the name and on behalf of TFE, enter into such contracts or execute and deliver such instruments as are authorized by the TFE Board. Such authorization by the Board of Directors may be general or confined to specific transactions. TFE shall not enter into any litigation without specific authorization of the TFE Board and Tulalip Board, nor may TFE employees or the TFE Board waive indemnity from suit without specific prior authorization, as provided in TTC § 15.20.080(12), or grant security interests in property except as permitted in TTC § 15.20.080(3).
(Ord. 66 § 5.4, 5-10-1986 (Res. 86-0280))
TFE shall prepare an annual budget covering its anticipated operations which shall be subject to approval by the TFE Board and Tulalip Board. Upon adoption by the TFE Board, an annual budget shall be prepared and submitted to the Tulalip Board for approval within 30 days prior to the conclusion of the current fiscal year. Further, the initial TFE budget shall be prepared and submitted to the Tulalip Board for approval within 60 days following the approval of this chapter.
(Ord. 66 § 5.5, 5-10-1986 (Res. 86-0280))
Fire and other insurance on property owned by TFE, or on property in which TFE has an insurable interest, shall be in amounts and type of coverage specified by the TFE Board.
(Ord. 66 § 5.7, 5-10-1986 (Res. 86-0280))
A petty cash fund is authorized to be established for TFE in an amount to be set by the TFE Board. This fund may be used to pay small expenses when necessity demands, and to pay small obligations when it is not feasible to pay by check on the official depository.
(Ord. 66 § 5.9, 5-10-1986 (Res. 86-0280))
There shall be maintained at the principal office of TFE all financial books and records of account, all minutes of the TFE Board meetings, and copies of all other material, books, records, documents, and contracts. All such books, records, minutes, documents and contracts shall be made available for inspection at any reasonable time during usual business hours, (1) by the Tulalip Board or any duly authorized representative(s) thereof, for any lawful and proper purpose, and (2) by any director of TFE or duly authorized representative thereof for any lawful and proper purpose. Upon leaving office, each officer or agent of TFE shall turn over to his successor or the Chairman, in good order, such monies, books, records, minutes, writs, documents, contracts or any other property of TFE as has been in the custody of such officer or agent during his term of office.
(Ord. 66 § 5.10, 5-10-1986 (Res. 86-0280))
Within 60 days after the close of the fiscal year, there shall be an audit by independent certified public accountants of the books of TFE. A report by the CPA of the audit shall be submitted to the Tulalip Board when it is issued.
(Ord. 66 § 5.11, 5-10-1986 (Res. 86-0280))
TFE shall annually file reports with the Tulalip Board within 90 days of the end of the fiscal year of TFE which shall describe (1) the business done and intended to be done by TFE; (2) material changes and developments since the last report in the business described, including a description of competitive conditions, research and development activities, new lines of business conducted by TFE, the approximate amount of total sales and revenue, and income (or loss) attributable to each line of business which accounted for more than 10 percent of total sales and revenues; (3) any pending legal proceedings to which TFE or a business venture is a party; (4) audited financial statements of TFE, including a consolidated balance sheet and consolidated statements of income and source and application of funds for each such fiscal year; and (5) an operations plan for the coming year including the short-range and long-range goals and objectives of TFE and the strategies to be employed by TFE to accomplish these goals and objectives. TFE shall file with the Tribal Board such additional reports as are required from time to time by the Tulalip Board.
(Ord. 66 § 5.12, 5-10-1986 (Res. 86-0280))
TFE shall be entitled to apply for funds to the Tulalip Indian Tribes, Bureau of Indian Affairs, and any governmental agency. In any such application, it shall be entitled to identify itself as the Tribal enterprise of the Tulalip Indian Tribes. TFE shall also have authority to negotiate grants or loans from any nongovernmental foundation, institution, business or private individual, subject to the provisions of TTC § 15.20.080. TFE shall not allow investment by any private individual, but may negotiate grants or loans from private individuals in the regular course of business.
(Ord. 66 § 5.13, 5-10-1986 (Res. 86-0280))