(a) Financial and operating reports. An RMA shall submit the following financial and operating reports to each county or city that is a part of the RMA:
  (1) the annual operating and capital budgets adopted by the RMA each fiscal year pursuant to the trust agreement or indenture securing bonds issued for a project, and any amended or supplemental operating or capital budget;
  (2) annual financial information and notices of material events required to be disclosed under Rule 15c2-12 of the United States Securities and Exchange Commission (17 C.F.R. §240.15c2-12); and
  (3) to the extent not otherwise disclosed in another report required under this subsection, a statement of any surplus revenue held by the RMA and a summary of how it intends to use the surplus revenue.
(b) Investment reports. An RMA shall submit to each county or city that is a part of the RMA an independent auditor's review, if required by law, of the reports of investment transactions prepared by an RMA's investment officers under Government Code, §2256.023.
(c) Certification. Reports submitted under this section must be approved by official action of the board and certified as correct by the chief administrative officer of the RMA.
(d) Submission dates. Reports required by subsection (a)(1) and (3) of this section must be submitted within 90 days after the beginning of the fiscal year or the adoption of any amended or supplemental budget. Reports required by subsection (a)(2) and subsection (b) of this section must be submitted within 30 days after disclosure under Rule 15c2-12 or approval of the independent auditor's report.

Source Note: The provisions of this §26.61 adopted to be effective March 18, 2004, 29 TexReg 2722; amended to be effective January 5, 2012, 36 TexReg 9350