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with rules, regulations, policies, procedures and bylaws <br />adopted by the Board. <br />6.3 Accounts. <br />All funds will be placed in object accounts and the <br />receipt, transfer, or disbursement of such funds during the <br />term of this Agreement shall be accounted for in accordance <br />with general accepted accounting principles applicable to <br />governmental entities. There shall be strict accountability <br />of all funds. All revenues and expenditures shall be report- <br />ed to the Board. <br />6.4 Expenditures Within Approves! Annual Budget. <br />All expenditures, within the designations and limi - <br />tations of the approved annual budget shall be made upon the <br />approval of a majority of the members of the Board. Notwith- <br />standing the above, no expenditures shall be made for the <br />purpose of the acquisition of rights -of -way or similar prop- <br />erty interests except upon the approval of not less than two <br />thirds (2/3) of the members of the Board. No expenditures in <br />excess of those budgeted shall be made without the approval <br />of not less than two thirds (2/3) of the members of the Board <br />to a revised or amended budget which may, from time to time, <br />be.submitted to the Board. <br />6.5 Audit. <br />The records and accounts of the Agency shall be <br />audited annually by an independent certified public account- <br />ant and copies of such audit report shall be filed with the <br />-20- <br />