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in accouutinig based oil a different fiscal year previously <br />b. Prior to ('lie bcgiuning of each fiscal year, die Board shall adopt a budget for (lie <br />succeeding fiscal year. <br />V. The Authority shall establish and maintain such funds and accounts as may be <br />required by genes ally accepted accounting principles. The books and records of the Authority are <br />public records and shall be open to inspection at all reasonable times by each ivicmber and its <br />representatives. <br />d. The Auditor shall either make, or coutract with a certified public accountant or <br />public accountant to matte, an annual audit of the accounts and records of the Authority. The <br />minimum requirements of die audit shall be those prescribed by the State Controller ("or special <br />districts under Section 26909 of (lie Government Code of the State of California, and shall <br />conf'onu to generally accepted auditihhg standards. Wheu an audit of accounts and records is hnacle <br />by a certified public accountant or public accountant, a report thereof shall be tiled as a public <br />record with each Member (and also with (lie auditor of Sacrahneuto County as the county in which <br />the Autlhority'soflice is located) within 12 mouths after the cud of the fiscal year. <br />C. In ally year in which the auumat budget of the Authority does lint exceed five <br />dhousauhl dollars (45,000.00), the Boaud may, upon urianinhous approval of the Board, replace die <br />annual audit with an cusuing one -year period, but in no event for a period longer dsan two fiscal <br />years. <br />16. Duties of Members or Associate Members; Breach <br />if any Member or Associate Member shill default in performing any covenant contained <br />herein, such default shall not excuse that hYlember or Associate Member from fulfilling its other <br />obligations hereunder, and such defaulting Member or Associate Member shall remain liable fbr <br />the performance of all covenants hereof Each VLcmber or Associate Member hereby declares <br />that this Agreement is entered into for the beuelit of the Authority created hereby, and each <br />Member or Associate Member hereby gausts to the Authority (lie right to enforce, by whatever <br />lawful menus the Authority deems appropriate, all of the obligations of each of the pasties <br />hereunder. Each and all of the remedies given to the Authority hereunder or by uhy law now or <br />hcreailter enacted are cumulative, uid the exercise of one right or remedy shall not impair the right <br />of the Authority to any or all other renaedias. <br />irf�.RriI h ._'o, <br />,ro the full extent permitted by law, the Board may authorize indemnification by the <br />Authority of any person who is or was a Board Delegate, alternate, officer, consulLust, employee or <br />other agent of tlhc Authority, and wlho was or is a party or is thrcatcued to be made a party to a <br />proceeding by reasou of [lie fact that such person is or was such a 1 clegate, altcruatc, officer, <br />consultant, employce or other aLgeut of the Authority. Such indemnification may be male against <br />expenses, judgments, lhhes, settlements and other amounts actually and reasonably incurred ill <br />conuectiou with suclh proceecliug, if such person acted in good faith and in a manner such person <br />reasonably believed to be in the best interests of the Authority and, ill the case of a criminal <br />