New Jersey § 32:27-20

§ 32:27-20.

The executive committee shall have the following powers: (a) To exercise on behalf of the commission all the powers granted the commission

by section 1, subsections (b), (c) and (d) of this article; 1 (b) The general supervision of the conduct of operations of the commission including

individual projects; (c) To manage the fiscal affairs of the commission and to prepare and adopt an annual

budget not later than March 15 for each fiscal year beginning July 1 of each calendar

year and ending June 30 of the succeeding year, provided, however, that neither of

the Departments of Highways and/or Transportation of the signatory parties nor the

Department of Community Affairs of New Jersey or the State Planning Board of Pennsylvania

shall be required to provide funds for any fiscal year without the approval of the

representative of the department or board affected and such approval shall be subject

to the availability of funds appropriated pursuant to the applicable laws of the respective

party States; The aforesaid requirement that budgets be adopted no later than March 15 shall not

apply for the fiscal year beginning July 1, 1965; (d) To prepare a work program for each fiscal year, consistent with the budget for

that year in such form that budget items are chargeable to specific elements thereof

and submit it to the board for approval and adoption not later than March 1 preceding

the beginning of the fiscal year; (e) The executive committee shall provide proper and adequate bonding surety conditioned

upon the honest performance of such of the personnel of the commission as have responsibility

for the custody of its receipts and control of its disbursements; (f) The executive committee shall establish, by rules and regulation, the procedures

for receipt and disbursement of funds and shall establish and cause to be maintained

such fiscal records and shall meet the requirements for any Federal audits which may

be authorized in connection with the financial participation of the United States

of America in the commission's operation, (g) Any by-laws adopted shall be consistent with this legislation. 1

N.J.S.A. § 32:27-17.