It shall be the duty of the commission to prepare an annual budget which shall be subject to the general review of the governing body of the city and the board of county commissioners. The metropolitan library commission shall submit an annual audit of its expenditures and income to the board of county commissioners and the governing board of the city. This audit shall be prepared by an independent accountant.

Each county and city establishing a city-county library system, as herein provided, at the beginning of each fiscal year or as soon thereafter as may be practicable, shall agree upon the necessary contributions to be made by each for the establishment, operation and maintenance of the city-county library system, appropriate such funds as may be agreed upon and combine said funds with funds from any source. Periodically, as may be agreed upon, the city and county shall contribute their appropriated funds to a common fund upon claims therefor being filed by the commission with the governing body of the city and with the board of county commissioners. After approval of the claims, the contributions shall be made by warrants issued by the appropriate officers and made payable to the city treasurer or county treasurer, as may be agreed upon by the city and county. Said common fund shall be maintained as a depository account. Vouchers shall be drawn by such officer or employee as prescribed by the metropolitan library commission.

The officer or employee of the commission designated shall be bonded in an amount not less than Twenty Thousand Dollars ($20,000.00) the premiums for which shall be payable from the operating funds of the metropolitan library. The designated officer or employee shall be governed by the same statutory provisions relating to depository accounts as apply to county officials generally. Nothing contained herein shall be construed as exempting from the application of the general statutes relating to appropriations the funds contributed by the city and county to the common fund.

Income of the city-county library system from fines, fees, sales of personal property, and other miscellaneous sources, excluding income from sales of real property, shall not be considered general revenue of either the city or the county. It shall be deposited promptly directly to the depository account of the metropolitan library. Income from this source shall constitute a revolving fund which shall not be subject to fiscal limitations and which may be expended by the commission.

In the event funds are made available for library purposes in the county, pursuant to the provisions of Article X, Section 10A of the Oklahoma Constitution, all or any part of the cost of establishing, maintaining and operating the city-county library system as set forth in the powers granted to the commission in the succeeding section, and otherwise, may be paid with such funds, and the metropolitan library commission is authorized hereby to administer the expenditure of such funds.