1997 Florida Code
TITLE XXVI PUBLIC TRANSPORTATION
Chapter 339 Transportation Finance And Planning
339.406 Contract between the department and the corporation.
339.406 Contract between the department and the corporation.--The contract must provide for:
(1) Approval of the articles of incorporation of the corporation by the department and for the appointment of the members of the board of directors by the secretary of the department.
(2) Annual review and certification by the secretary of the department that the corporation is operating in compliance with the terms of the contract, in a manner consistent with the goals of the department, and in the best interests of the state.
(3) The reversion to the state of all the corporation's assets if the contract is terminated or the corporation is otherwise dissolved.
(4) The fiscal year of the corporation as beginning on July 1 and ending on June 30 next following in each year.
(5) Yearly financial and compliance audits for each corporation by the department and the Auditor General.
(6) The specific purposes for which and the geographic area in which the corporation is authorized to act for the department.
History.--s. 6, ch. 88-271.
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