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<br />ARTICLE V. <br /> <br />ACCOUNTING AND AUDITS <br /> <br />1. Accounting Procedures. Full books and accounts shall be maintained <br /> <br />for the Authority in accordance with practices established by, or consistent with, those <br /> <br />utilized by the Controller of the State of California for like public entities. In particular, <br /> <br />the Authority's auditor and treasurer shall comply strictly with requirements governing <br /> <br />joint powers agencies, Article 1, Chapter 5, Division 7, Title 1 of the Government Code <br /> <br />of the State of California (commencing with Section 6500). <br /> <br />2. Audit. The records and accounts of the Authority shall be audited <br /> <br />annually by an independent certified public accountant and copies of the audited <br /> <br />financial reports, with the opinion of the independent certified publiC accountant, shall be <br /> <br />filed with the County Auditor, the State Controller and each member within six (6) <br /> <br />months of the end of the fiscal year under examination. <br /> <br />ARTICLE VI. <br /> <br />PROPERTY RIGHTS <br /> <br />1. Vehicles. Equipment. Facilities and Property. <br /> <br />A. Ownership. Except as provided herein, all real and personal <br />property, including but not limited to, facilities constructed, installed, acquired or leased <br />by the Authority, apparatus and equipment, personnel and other records and any and all <br /> <br />4509-08 <br />110179v3 <br />9/27/99 <br /> <br />25 <br />