R2019-135 Resolution Authorizing Agreement-Central Illinois Land Bank Authority

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' each Fiscal Year. The Budget may be amended by action of the Board. The Budget may provide for requested annual contributions, if any, from the Members,which shall be based on a formula equally applied. Section 9.05. Financing. The Members may, but shall not be obligated to, grant or loan funds to the Land Bank for operations of the Land Bank. The Members may, but shall not be obligated to, enter into separate agreements with the Land Bank for the performance of services, functions and responsibilities. Any funding commitments or commitments of in- kind or other services made at the time a Member votes to join the Land Bank shall be listed as Exhibit B to this adopted Agreement and recorded in the Minutes of the Land Bank meeting during which time such commitments were accepted by the Land Bank. Section 9.06. Deposits and Investments. The Land Bank shall deposit and invest funds of the Land Bank, not otherwise employed in carrying out the purposes of the Land Bank, in accordance with an investment policy established by the Land Bank Board. Section 9.07. Disbursements.Notwithstanding anything to the contrary herein, disbursements of funds shall be in accordance with guidelines established by the Land Bank Board. Section 9.08. Financial Statements and Reports. The Land Bank shall annually have an audit prepared. Such financial statements shall be prepared in accordance with generally accepted accounting principles and accompanied by a written opinion of an independent certified public accounting firm. Section 9.09. Fiscal Year. The fiscal year of the Land Bank shall begin on January 1 of each year and end on the following December 31. ARTICLE X INDEMNITY AND INSURANCE Section 10.01. General. Notwithstanding any provision in this Agreement to the contrary, individuals who serve as Directors, officers, employees and agents shall have all rights of , indemnification and defense provided under law. '�i Section 10.02. Third Party Actions. The Land Bank shall hold harmless, defend and II indemnify any person or Member,who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Land Bank) by reason of the fact that he, she or it is or was a Director, officer, member, employee or agent of the Land Bank, or who is or was serving at the request of the Land Bank as a Director, officer, employee, or agent of another Land Bank, partnership,joint venture, trust or other enterprise, against any amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, if such person acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Land Bank, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, 11