| A. |
The Insurance Fund shall be administered by a Governing
Board and Executive Committee as hereinafter provided.
The actions of the Governing Board and Executive
Committee pursuant to this compact shall be deemed the
actions of the Insurance Fund. |
| B. |
The members of the Governing Board shall be entitled to
one vote each on such Board. No action of the Governing
Board shall be binding unless taken at a meeting at which
a majority of the total number of votes on the Governing
Board are cast in favor thereof. Action of the Governing
Board shall be only at a meeting at which a majority of
the members are present. |
| C. |
The Insurance Fund shall have a seal which may be
employed as an official symbol and which may be affixed
to documents and otherwise used as the Governing Board
may provide. |
| D. |
The Governing Board shall elect annually, from among its
members, a chairman, a vice chairman, a secretary and a
treasurer. The chairman may not succeed himself. The
Governing Board may appoint an executive director and fix
his duties and his compensation, if any. Such executive
director shall serve at the pleasure of the Governing
Board. The Governing Board shall make provisions for the
bonding of such of the officers and employees of the
Insurance Fund as may be appropriate. |
| E. |
Irrespective of the civil service, personnel or other
merit system laws of any of the party states, the
executive director, or if there be no executive director,
the chairman, in accordance with such procedures as the
bylaws may provide, shall appoint, remove or discharge
such personnel as may be necessary for the performance of
the functions of the Insurance Fund and shall fix the
duties and compensation of such personnel. The Governing
Board in its bylaws shall provide for the personnel
policies and programs of the Insurance Fund. |
| F. |
The Insurance Fund may borrow, accept or contract for the
services of personnel from any state, the United States,
or any other governmental agency, or from any person,
firm, association or corporation. |
| G. |
The Insurance Fund may accept for any of its purposes and
functions under this compact any and all donations, and
grants of money, equipment, supplies, materials and
services, conditional or otherwise, from any state, the
United States, or any other governmental agency, or from
any person, firm, association or corporation, and may
receive, utilize and dispose of the same. Any donation,
gift or grant accepted by the Governing Board pursuant to
this paragraph or services borrowed pursuant to paragraph
(F) of this Article shall be reported in the annual
report of the Insurance Fund. Such report shall include
the nature, amount and conditions, if any, of the
donation, gift, grant or services borrowed and the
identity of the donor or lender. |
| H. |
The Governing Board shall adopt bylaws for the conduct of
the business of the Insurance Fund and shall have the
power to amend and rescind these bylaws. The Insurance
Fund shall publish its bylaws in convenient form and
shall file a copy thereof and a copy of any amendment
thereto with the appropriate agency or officer in each of
the party states. |
| I. |
The Insurance Fund annually shall make to the Governor
and legislature of each party state a report covering its
activities for the preceding year. The Insurance Fund
may make such additional reports as it may deem
desirable. |
| J. |
In addition to the powers and duties specifically
authorized and imposed, the Insurance Fund may do such
other things as are necessary and incidental to the
conduct of its affairs pursuant to this compact. |
| B. |
If the laws of the United States specifically so provide,
or if administrative provision is made therefor within
the Federal Government, the United States may be
represented on the Governing Board of the Insurance Fund
by not to exceed three representatives. Any such
representative or representatives of the United States
shall be appointed and serve in such manner as may be
provided by or pursuant to federal law, but no such
representative shall have a vote on the Governing Board
or on the Executive Committee thereof. |
| C. |
The Governing Board shall meet at least once each year
for the purpose of determining policies and procedures in
the administration of the Insurance Fund and, consistent
with the provisions of the compact, supervising and
giving direction to the expenditure of moneys from the
Insurance Fund. Additional meetings of the Governing
Board shall be held on call of the chairman, the
Executive Committee, or a majority of the membership of
the Governing Board. |
| D. |
At such times as it may be meeting, the Governing Board
shall pass upon applications for assistance from the
Insurance Fund and authorize disbursements therefrom.
When the Governing Board is not in session, the Executive
Committee thereof shall act as agent of the Governing
Board, with full authority to act for it in passing upon
such applications. |
| E. |
The Executive Committee shall be composed of the chairman
of the Governing Board and four additional members of the
Governing Board chosen by it so that there shall be one
member representing each of four geographic groupings of
party states. The Governing Board shall make such
geographic groupings. If there is representation of the
United States on the Governing Board one such
representative may meet with the Executive Committee.
The chairman of the Governing Board shall be chairman of
the Executive Committee. No action of the Executive
Committee shall be binding unless taken at a meeting at
which at least four members of such Committee are present
and vote in favor thereof. Necessary expenses of each of
the five members of the Executive Committee incurred in
attending meetings of such Committee, when not held at
the same time and place as a meeting of the Governing
Board, shall be charges against the Insurance Fund. |
| D. |
The Governing Board or Executive Committee shall give due
notice of any meeting at which an application for
assistance from the Insurance Fund is to be considered.
Such notice shall be given to the compact administrator
of each party state and to such other officers and
agencies as may be designated by the laws of the party
states. The requesting state and any other party state
shall be entitled to be represented and present evidence
and argument at such meeting. |
| E. |
Upon the submission as required by paragraph (C) of this
Article and such other information as it may have or
acquire, and upon determining that an expenditure of
funds is within the purposes of this compact and
justified thereby, the Governing Board or Executive
Committee shall authorize support of the program. The
Governing Board or the Executive Committee may meet at
any time or place for the purpose of receiving and
considering an application. Any and all determinations
of the Governing Board or Executive Committee, with
respect to an application, together with the reasons
therefor shall be recorded and subscribed in such manner
as to show and preserve the votes of the individual
members thereof. |
| F. |
A requesting state which is dissatisfied with a
determination of the Executive Committee shall upon
notice in writing given within twenty days of the
determination with which it is dissatisfied, be entitled
to receive a review thereof at the next meeting of the
Governing Board. Determinations of the Executive
Committee shall be reviewable only by the Governing Board
at one of its regular meetings, or at a special meeting
held in such manner as the Governing Board may authorize. |
| G. |
Responding states required to undertake or increase
measures pursuant to this compact may receive moneys from
the Insurance Fund, either at the time or times when such
state incurs expenditures on account of such measures, or
as reimbursement for expenses incurred and chargeable to
the Insurance Fund. The Governing Board shall adopt and,
from time to time, may amend or revise procedures for
submission of claims upon it and for payment thereof. |
| H. |
Before authorizing the expenditure of moneys from the
Insurance Fund pursuant to an application of a requesting
state, the Insurance Fund shall ascertain the extent and
nature of any timely assistance or participation which
may be available from the Federal Government and shall
request the appropriate agency or agencies of the Federal
Government for such assistance and participation. |
| I. |
The Insurance Fund may negotiate and execute a memorandum
of understanding or other appropriate instrument defining
the extent and degree of assistance or participation
between and among the Insurance Fund, cooperating federal
agencies, states and any other entities concerned. |
| A. |
The Insurance Fund shall submit to the executive head or
designated officer or officers of each party state a
budget for the Insurance Fund for such period as may be
required by the laws of that party state for presentation
to the legislature thereof. |
| B. |
Each of the budgets shall contain specific
recommendations of the amount or amounts to be
appropriated by each of the party states. The requests
for appropriations shall be apportioned among the party
states as follows: one-tenth of the total budget in
equal shares and the remainder in proportion to the value
of agricultural and forest crops and products, excluding
animals and animal products, produced in each party
state. In determining the value of such crops and
products the Insurance Fund may employ such source or
sources of information as in its judgment present the
most equitable and accurate comparisons among the party
states. Each of the budgets and requests for
appropriations shall indicate the source or sources used
in obtaining information concerning value of products. |
| C. |
The financial assets of the Insurance Fund shall be
maintained in two accounts to be designated respectively
as the "Operating Account" and the "Claims Account". The
Operating Account shall consist only of those assets
necessary for the administration of the Insurance Fund
during the next ensuing two-year period. The Claims
Account shall contain all moneys not included in the
Operating Account and shall not exceed the amount
reasonably estimated to be sufficient to pay all
legitimate claims on the Insurance Fund for a period of
three years. At any time when the Claims Account has
reached its maximum limit or would reach its maximum
limit by the addition of moneys requested for
appropriation by the party states, the Governing Board
shall reduce its budget requests on a pro rata basis in
such manner as to keep the Claims Account within such
maximum limit. Any moneys in the Claims Account by
virtue of conditional donations, grants or gifts shall be
included in calculations made pursuant to this paragraph
only to the extent that such moneys are available to meet
demands arising out of claims. |
| D. |
The Insurance Fund shall not pledge the credit of any
party state. The Insurance Fund may meet any of its
obligations in whole or in part with moneys available to
it under Article IV(G) of this compact, provided that the
Governing Board takes specific action setting aside such
moneys prior to incurring any obligation to be met in
whole or in part in such manner. Except where the
Insurance Fund makes use of moneys available to it under
Article IV(G) hereof, the Insurance Fund shall not incur
any obligation prior to the allotment of moneys by the
party states adequate to meet the same. |
| E. |
The Insurance Fund shall keep accurate accounts of all
receipts and disbursements. The receipts and
disbursements of the Insurance Fund shall be subject to
the audit and accounting procedures established under its
bylaws. However, all receipts and disbursements of funds
handled by the Insurance Fund shall be audited yearly by
a certified or licensed public accountant and a report of
the audit shall be included in and become part of the
annual report of the Insurance Fund. |
| F. |
The accounts of the Insurance Fund shall be open at any
reasonable time for inspection by duly authorized
officers of the party states and by any persons
authorized by the Insurance Fund. |
[1969 ex.s. c 130 § 1.]