OCR Text |
Show 120 INTERSTATE COMPACTS shall be made by qualified certified public accountants selected by the commission, who have no personal interest direct or indirect in the financial affairs of the commission or any of its officers or employees. The report of audit shall be prepared in accordance with accepted ac- counting practices and shall be filed with the chairman and such other officers as the commission shall direct. Copies of the report shall be distributed to each commissioner and shall be made available for public distribution. (b) Each signatory party by its duly authorized officers shall be entitled to examine and audit at any time all of the books, documents, records, files and accounts and all other papers, things or property of the commission. The representatives of the signatory parties shall have access to all books, documents, records, accounts, reports, files and all other papers, things or property belonging to or in use by the commission and necessary to facilitate the audit and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents and custodians. (c) The financial transactions of the commission shall be subject to audit by the general accounting office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the comp- troller general of the United States. The audit shall be conducted at the place or places where the accounts of the commission are kept. (d)' Any officer or employee who shall refuse to give all required assistance and information to the accountants selected by the commis- sion or to the authorized officers of any signatory party or who shall refuse to submit to them for examination such books, documents, rec- ords, files, accounts, papers, things or property as may be requested shall forfeit his office. 14.12 Reports. The commission shall make and publish an annual report to the legislative bodies of the signatory parties and to the public reporting on its programs, operations and finances. It may also prepare, publish and distribute such other public reports and informa- tional materials as it may deem necessary or desirable. 14.13 Grants, Loans or Payments by States or Political Subdivi- sions. (a) Any or all of the signatory parties or any political subdivision thereof may: 1) Appropriate to the commission such funds as may be nec- essary to pay preliminary expenses such as the expenses incurred in the making of borings, and other studies of subsurface condi- tions, in the preparation of contracts for the sale of water and in the preparation of detailed plans and estimates required for the financing of a project; 2) Advance to the commission, either as grants or loans, such funds as may be necessary or convenient to finance the operation and management of or construction by the commission of any facility or project; 3) Make payments to the commission for benefits received or to be received from the operation of any of the projects or facilities of the commission. |