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<br />Authority. The Bonds shall be only special obligations of the <br />Authority, and the Authority shall under no circumstances be <br />obligated to pay the Bonds or the respective project costs <br />except from revenues and other funds pledged therefor. <br />Neither the Program Participants, CSAC, LCC, nor the Authority <br />shall be obligated to pay the principal of, premium. if any, <br />or interest on the Bonds. or other co~ts incidental thereto,. <br />except from the revenues and funds pledged therefor, and <br />neither the faith and credit nor the taxing power of the <br />Program Participants nor the faith and credit of CSAC, LCC, or <br />the Authority shall be pledged to the payment of the principal <br />of, premium, if any, or interest on the Bonds nor shall the <br />Program Participants, CSAC, LCC, or the Authority in any <br />manner be obligated to make any appropriation for such payment. <br /> <br />No covenant or agreement contained in any Bond or <br />Indenture shall be deemed to be a covenant or agreement of any <br />member of the Commission, or any officer, agent or employee of <br />the Authority in his individual capacity and neither the <br />Commission of the Authority nor any officer thereof executing. <br />the Bonds shall be liable personally on any Bond or be subject <br />to any personal liability or accountability by reason of the <br />issuance of any Bonds. <br /> <br />Section 10. Accounts and Reports. <br /> <br />All funds of the Authority shall be strictly <br />accounted for. The Authority shall establish and maintain <br />such funds and accounts as may be required by good accounting <br />practice and by any .provision of any Indenture (to the extent <br />such duties are not assigned to a trustee of Bonds). The <br />books and records of the Authority shall be open to inspection <br />at all reasonable times by each Program Participant. <br /> <br />The Treasurer of the Authority shall cause an <br />independent audit to be made of the books of accounts and <br />financial records of the Agency by a certified public <br />accountant or public accountant in compliance with the <br />provisions of Section 6505 of the Joint Exercise of Powers <br />Act. In each case the minimum requirements of the audit shall <br />be those prescribed by the State Controller for special <br />districts under Section 26909 of the Government Code of the <br />State of California and shall conform to generally accepted <br />auditing standards. When such an audit of accounts and <br />records is made by a certified public accountant or pUblic <br />accountant, a report thereof shall be filed as public records <br />with each Program Participant and also with the county auditor <br />of each county in which a Program Participant is located. <br />Such report shall be filed within 12 months of the end of the <br />Fiscal Year or Years under examination. <br /> <br />9 <br /> <br />170h~ <br />