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asked Cilimberg if the payments could still be handled on an accrual basis. This means that, even with the grantanticipation loan, requisition could be made as soon as bills were received in hopes that the grantor would pay within the 30 days required by contractors.
Jamieson commented that such an arrangement would be desirable in terms of limiting the draw down of invested borrowed money.
Cilimberg replied that he had received conflicting opinions on this procedure and that he would get a clarification.
The Authority discussed the audit agreed on at the May meeting, deciding to go ahead with bids on an audit to determine the cost.
Doug Baumgardner, the authority’s attorney, read them an advertise(Continued
on Page 5)
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