Laserfiche WebLink
Members or the Authority in any manner be, obligated to make any appropriation for such <br />payment, <br />No covenant or agreement contained in any Bond or related document shall be deemed to <br />be a covenant or agreement of any Director, or any officer, employee or agent of the Authority in <br />his or her individual capacity, and neither the Board of the Authority not any Director or officer <br />thereof executing the Bonds shall be liable personally on any Bond or be subject to any personal <br />liability or accountability by reason of the issuance of any Bonds. <br />Section 9. Accounts and Reports. <br />All funds of the Authority shall be strictly accounted for. The Authority shall establish <br />and maintain such funds and accounts as may be required by good accounting practice and by <br />any provision of any Indenture (to the extent such duties are not assigned to a trustee of Bonds). <br />The books and records of the Authority shall be open to inspection at all reasonable times by <br />each Member. <br />The Treasurer of the Authority sball cause an independent audit to be made of the books <br />of accounts and financial records of the Authority by a certified public accountant or public <br />accountant in compliance with the provisions of Section 6505 of the Joint Exercise of Powers <br />Act, in each case the mihimum requirements of the audit shall be those ,prescribed by the State <br />Controller for special districts under Section 26909 of the Government Code of the State of <br />California and shall conform to generally accepted auditing standards. When such an audit of <br />accounts and records is made by a certified public accountant or public accountant, a report <br />thereof shall be filed as a public record with each Member and also with the county auditor of <br />each county in which a Member is located; provided, however, that to the extent permitted by <br />law, the Authority may, instead of filing such report with each Member and such county auditor, <br />elect to post such report as a public record electronically on a website designated by the <br />Authority. Such report if made shall be filed within 12 months of the end of the Fiscal Year or <br />Years under examination. <br />The Treasurer is hereby directed to report in writing on the first day of July, October, <br />January, and April of each year to the Board and the Members which report shall describe the <br />amount of money held by the Treasurer for the Authority, the amount of receipts since the last <br />such report, and the amount paid out since the last such report (which may exclude amounts held <br />by a trustee or other fiduciary in connection with any Bonds to the extent that such trustee or <br />other fiduciary provided regular reports covering such amounts) <br />Any costs of the audit, including contracts with, or employment of, certified. public <br />accountants or public accountants in making an audit pursuant to this Section, shall be borne by <br />the Authority and shall be a charge against any unencumbered funds of the Authority available <br />for that purpose. <br />In any Fiscal Year the Board may, by resolution adopted, by unanimous vote, replace the <br />annual special audit with an audit covering a two -year period. <br />0HSUSM61103270.3 P1, 2015 -42 -42 [2113,dac] <br />75A -17 <br />