Page:United States Statutes at Large Volume 110 Part 1.djvu/1078

 110 STAT. 1054 PUBLIC LAW 104-127 —APR. 4, 1996 Effective date. Records. Reports. Reports. Reports. of research, promotion, consumer information, and industry information programs and projects. (3) INCURRING EXPENSES.— The Board may incur such expenses for programs or projects of research, promotion, consumer information, or industry information, and other expenses for the administration, maintenance, and functioning of the Board as may be authorized by the Secretary, including any implementation, administrative, and referendum costs incurred by the Department. (4) PAYING EXPENSES. —The funds to cover the expenses referred to in paragraph (3) shall be paid by the Board from assessments collected under section 536 or funds borrowed pursuant to paragraph (5). (5) AUTHORITY TO BORROW.—To meet the expenses referred to in paragraph (3), the Board shall have the authority to borrow funds, as approved by the Secretary, for capital outlays and startup costs. (e) CONTRACTS AND AGREEMENTS. — (1) IN GENERAL.—To ensure efficient use of funds, the order shall provide that the Board may enter into a contract or agreement for the implementation and carrying out of a program or project of canola, rapeseed, or canola or rapeseed products research, promotion, consumer information, or industry information, including a contract with a producer organization, and for the payment of the costs with funds received by the Board under the order. (2) REQUIREMENTS.—A contract or agreement under paragraph (1) shall provide that— (A) the contracting party shall develop and submit to the Board a program or project together with a budget that shall show the estimated costs to be incurred for the program or project; (B) the program or project shall become effective on the approval of the Secretary; and (C) the contracting party shall keep accurate records of all transactions, account for funds received and expended, make periodic reports to the Board of activities conducted, and make such other reports as the Board or the Secretary may require. (3) PRODUCER ORGANIZATIONS.— The order shall provide that the Board may contract with a producer organization for any services required in addition to the services described in paragraph (1). The contract shall include provisions comparable to the provisions required by paragraph (2). (f) BOOKS AND RECORDS OF THE BOARD.— (1) IN GENERAL. — The order shall require the Board to— (A) maintain such books and records (which shall be available to the Secretary for inspection and audit) as the Secretary may prescribe; (B) prepare and submit to the Secretary, from time to time, such reports as the Secretary may prescribe; and (C) account for the receipt and disbursement of all funds entrusted to the Board. (2) AUDITS. —The Board shall cause the books and records of the Board to be audited by an independent auditor at the end of each fiscal year, and a report of the audit to be submitted to the Secretary.

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