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Any Member which fails to make or pay when due any required contribution, payment or <br /> advance to the Authority, may have its rights under this Agreement terminated and may be <br /> excluded from participation in the Authority as provided in Section 7.03(c) hereof. Any such <br /> Member shall continue to be liable for its obligations under any contract with the Authority and <br /> for any unpaid contribution, payment or advance approved by the Board prior to such Member's <br /> exclusion and not objected to by such Member by written notice to the Authority within thirty(30) <br /> days after such approval. <br /> Section 6.02. Accounts and Reports. There shall be strict accountability of all funds and <br /> reporting of all receipts and disbursements of the Authority. The Authority shall establish and <br /> maintain such funds and accounts as may be required by good accounting practice or by any <br /> provision of any resolution, indenture or other instrument of the Authority securing its <br /> Indebtedness, except insofar as such powers, duties and responsibilities are assigned to a trustee <br /> appointed pursuant to such resolution, indenture or instrument. The books and records of the <br /> Authority shall be open to inspection at all reasonable times by the Members and their <br /> representatives. The Authority shall give an audited written report of all financial activities for <br /> each Fiscal Year to the Members within 210 days after the close of each Fiscal Year. <br /> The Treasurer, as controller of the Authority, shall contract with a certified public <br /> accountant or public accountant to make an independent annual audit of the accounts and records <br /> of the Authority. In each case the minimum requirements of the audit shall be those prescribed by <br /> the State Controller for special districts under Section 26909 of the California Government Code, <br /> as amended from time to time, and shall conform to generally accepted auditing standards. When <br /> such an audit of an account and record is made by a certified public accountant or public <br /> accountant, a report thereof shall be filed as public records with each of the Members and with the <br /> county auditor of Orange County. Such report shall be filed within 12 months of the end of the <br /> Fiscal Year under examination. <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 for <br /> the purpose. <br /> Section 6.03. Funds. Subject to the applicable provisions of any instrument or agreement <br /> which the Authority may enter into, which may provide for a trustee to receive, have custody of <br /> and disburse Authority funds, the Treasurer of the Authority shall receive,have the custody of and <br /> disburse Authority funds as nearly as possible in accordance with generally accepted accounting <br /> practices, and shall make the disbursements required by this Agreement or to carry out any of the <br /> provisions or purposes of this Agreement. <br /> Section 6.04. Annual Budget and Administrative Expenses. The Board may adopt a <br /> budget for administrative expenses, which shall include all expenses not included in any financing <br /> issue of the Authority, annually prior to July 1st of each year. The estimated annual administrative <br /> expenses of the Authority shall be allocated by the Authority to the Members equally. <br /> 9 <br /> 55394.00068\42104911.2 <br />