TRANSPORTATION CORRIDOR AGENCY - FOOTHILL - EASTERN CORRIDOR

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term of this Agreement shall be accounted for in accordance with generally accepted accounting principles applicable to governmental entities. There shall be strict accountability of all funds. All revenues and expenditures shall be reported to the Board. 6.4 Expenditures Within Approved Annual Budget. All expenditures within the designations and limitations of the approved annual budget shall be made upon the approval of the Executive Director in accordance with the rules, policies and procedures adopted by the Board. Notwithstanding the above, no expenditures shall be made for the purpose of the acquisition of rights -of -way or similar property interests except upon the approval of not less than two - thirds (2/3) of the Board Members. No expenditures in excess of those budgeted shall be made without the approval of not less than two - thirds (2/3) of the Board Members to a revised and amended budget which may, from time to time, be submitted to the Board. 6.5 Audit. The records and accounts of the Agency shall be audited annually by an independent certified public accountant and copies of such audit report shall be filed with the County Auditor, State Controller and each Party no later than fifteen (15) days after receipt of said audit by the Board. ►i #" SECURITIES 7.1 Securities. Upon the approval of the Board, the Parties, or the Agency, may participate in any statutory power for the issuance of securities to finance the fees authorized by Government Code Section 66484.3, including the power to establish one or more community facilities districts under the Mello -Roos Community Facilities District Act of 1982, Government Code Section 53311, et seq., or any other applicable legislation. Other than the fees specified herein, no funds of a Party shall be utilized as security or as a source for the payment or redemption of any securities of the Agency without the consent of the legislative body of that Party. -14-