OPERATING RESERVE ACCOUNT.

(a) The board shall establish, in an account separate from other funds, a reserve account in an amount that is not less than an amount equal to actual operating expenses for two months.

(b) The board shall adjust the amount held in the reserve account at least once annually based on the authority's actual operating reserves for the 12 months immediately preceding the adjustment.

(c) The board may make an expenditure from the reserve account that causes the balance in the account to be less than the amount required under Subsection (b) only if the board considers the expense necessary to address circumstances that could not have been planned for or anticipated. The board shall adopt criteria for expenditures under this subsection.

(d) If reserve funds are spent under Subsection (c), the board shall, as soon as practicable, restore the balance of the reserve account to at least the amount in the account at the beginning of the fiscal year in which the spending occurred.

(e) The board shall maintain, update, and post on the authority's Internet website accounting records of the reserve account's:

(1) balance at the end of the fiscal year;

(2) deposits;

(3) expenditures; and

(4) interest income.