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m Session Laws- 1989 CHAPTER 659 (3) Seats 3, 6. and 9 shall be appointed by the board Dom a list of at least three persons submitted to the board by the Kannapolis Chamber of Commerce. (b) Terms of Office. Except as otherwise provided in the schedule set forth below, the term of office of each member of the Authority shall be three years. The terms shall be staggered so that after tile initial members of the Authority are appointed, three members are appointed each year, implemented as follows: (1) Seats 1. 2. and 3 shall be appointed initially for one year, and thereafter for three years: (2) Seats 4. 5. and 6 shall be appointed initially for two years, and thereafter for three years; and (3) Seats 7. 8. and 9 shall be appoiuted initially for three years, and thereafter for three years. (c) Powers and Duties of the AuthoriLy. In addition to any other powers and duties of the Authority otherwise conferred by law, the Authori .ty may contract with any person, firm. corporation, or agency to assist il in tile promotion of travel and tourism and to carry out tile purposes identified in Section I(e) of this act. The Authority. may accept contributions from any source to be used for ti~e purposes stated in Section (1)(e) of' this act. On or before April I of each year after the levy of the tax authorized itl this act. tile Autho,'i~ shall prepare an annual budget based upon anticipated revenues and shall submit the budget to the Cabarrus County Manager for processing and approval through the regular budget procedure of the Counb'. The Authority shall make quarterly reports to the board detailing its revenues, expenditures, and acrid, tries. The Coun.ry may audit the Authori~,'s financial records upon reasonable notice to tile AuthoriD'. At the end of each fiscal year. any funds of the Authorit? not expended, obligated, or reserved, as approved by the Count>,. shall be remined to Cabarrus County for its use. Sec. 3, Effective Date. This act is effective upon ratification. in the General Assembly read three times and ratified this the 19th day of Suly. 1989.