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in accounting based on it different fiscal year preciously. h. Prior to the hc, inning of each fiscal year, the Board shall adopt it budget &s the succeeding fiscal year. C. The Authority shall establish and maintain such finds and accounts as may be required by generally accepted accounting tmuciplcs. 1'hc books and records of the Authority arc public records and shall lie open to inspection at all ncasonutblc times by each Mcniber and its representatives. d. Tlic Auditor shall either make, or contract with a certified public accountant or public accountant to ncdcc, an annual audit of the accounts and records of the Authority. Ilse minimum requirements ol' the audit shall be those prescribed by the State Controller Ibr special districts under Section 26909 of the Government Code of the State of California, and shall coufbrna to generally accepted auditing standards. When an audit of accounts and records is made by it certified public accountant or public accountant, it report thereof shall be filed as it public record with cacti Member (and also with the auditor of Sacraticuto County as the county in which the Authority's office is located) within 12 mouths after the end of the fiscal year. e. In any year in which the annual budget of the Authority does not exceed five thousand dollars (55,000.00), the Board nuay, upon unanimous approval of the Bo aril, replace die annual audit with an ensuing one -year period, but in no event for it period longer than two fiscal years. 16. Duties of Members or Associate Members; Breach If any Member or Associate Member shall default in performing any covenant contained herein, such default shall not excuse that hlenalier or Associate Member from futtilling its other obligtions hereunder, and such defaulting Member or Associate Mcnhher shall remain liable for the performance of all covenants hereof. Mach Member or Associate Meauber hereby declares that this Agreement is entered into for the benefit of the Authority created hereby, and cacti Mcmbcr or Associate Member hereby gRants to the Authority the right to enforce, by whatever lawful nneans the Authority deems appropriate, all of dhc obligations of each of the parties hereunder. Each and all of the remedies given to the Authority hereunder or by any law now or hereafter enacted are cumulative, and the exercise of one right or remedy shall not impair the right of the Authority to aw or all other remedies. 17. Indemnification To the full extent permitted by law, dte Board may audiorize indemnification by the Authority of iuiy persou who is or cvaLS it Board Delegate, alternate, officer, consultant, ennploycc or odor agent of the Authority, and who was or is a party or is threatened to lie inaade a party to it proceeding by icasou of (lie fact that such person is or was such a I)clego-tc, alicruate, officer, consultant, employee or ocher agcut of the Authority. Such indemnification may be made against expenses, ,jurdgrnetits, lines, settlements and other a iouus actually and reasonably incurred in couuectiou with such proceeding, if such persou acted in good faith and in a manner such person ressouably believed to be in [lie best interests of the Authority and, in the case of it criminal 55E -21