PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3845 execution of programs or projects, or as may otherwise be necessary, to carry out the plan. (d) PROGRAMS AND BUDGETS. — (1) SUBMISSION TO SECRETARY. —The plan shall provide that the Board shall submit to the Secretary for approval any program or project of promotion, research, consumer information, or industry information. No program or project shall be implemented prior to its approval by the Secretary. (2) BUDGETS.— The plan shall require the Board, prior to the beginning of each fiscal year, or as may be necessary after the beginning of such fiscal year, to submit to the Secretary for approval budgets of its anticipated expenses (including reimbursements under subsection (b)(10)) and disbursements in the implementation of the plan, including projected costs of promotion, research, consumer information, and industry information programs and projects. (3) INCURRING EXPENSES. —The Board may incur such expenses for programs or projects of research, promotion, consumer information, or industry information, and other expenses for the administration, maintenance, and functioning of the Board as may be authorized by the Secretary, including any implementation, administrative, and referendum costs incurred by the Department. (4) PAYING EXPENSES. —The funds to cover the expenses referred to in paragraph (3) shall be paid by the Board from assessments collected under section 1912 or funds borrowed pursuant to paragraph (5). (5) AUTHORITY TO BORROW. —In order to meet the expenses referred to in paragraph (3), the Board shall have the authority to borrow funds, as approved by the Secretary, for capital outlays and startup costs. (6) LIMITATION ON SPENDING. —Effective on the date that is 3 years after the date of the establishment of the Board, the Board shall not spend in excess of 20 percent of the assessments collected under section 1912 for administration of the Board. (e) CONTRACTS AND AGREEMENTS. — (1) IN GENERAL.— To ensure efficient use of funds, the plan shall provide that the Board may enter into contracts or agreements for the implementation and carrying out of programs or projects of pecan promotion, research, consumer information, or industry information, including contracts with grower and grower-sheller organizations, and for the payment of the cost thereof with funds received by the Board under the plan. (2) REQUIREMENTS.—Any such contract or agreement shall provide that— (A) the contracting party shall develop and submit to the Board a program or project together with a budget or budgets that shall show estimated costs to be incurred for such program or project; (B) the program or project shall become effective on the approval of the Secretary; and (C) the contracting party shall keep accurate records of Records, all of its transactions, account for funds received and ex- Reports. pended, make periodic reports to the Board of activities conducted, and make such other reports as the Board or the Secretary may require.