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17 <br />18. APPOINTMENT OF FINANCE OFFICER <br />The Governing Board shall appoint a Finance Officer of the LME <br />who shall serve at the pleasure of the Governing Board. The Finance <br />Officer shall have the following powers and duties: <br />(1) Keep the accounts of the LME in accordance with generally <br />accepted principles of governmental accounting and the <br />rules and regulations of the Commission of Local <br />Government, <br />(2) Disburse all funds of the LME in strict compliance with <br />Chapter 159 of the North Carolina General Statutes and <br />shall preaudit obligations and disbursements as required by <br />Chapter 159 of the North Carolina General Statutes, <br />(3) Receive and deposit all monies accruing to the LME or <br />supervise the receipt and deposit of money by other duly <br />authorized officers or employees. <br />(4) Maintain all records concerning the bonded debt and other <br />obligations of the LME and determine the amount of money <br />that will be required for debt service or the payment of <br />other obligations during each fiscal year, <br />(5) Supervise the investment of idle funds of the LME, <br />(6) Perform such other duties as may be assigned to him/her by <br />law, by the Program Director, or Governing Board, or by <br />rules and regulations of the Local Government Commission, <br />(7) As often as may be required by the Governing Board, the <br />Finance Officer shall prepare and file with the Governing <br />Board a statement of the financial condition of the LME. <br />