Agmt 2001 California Statewide Communities Development Authority

Home

Authority. The Bonds shall be only special obligations of the Authority, and the Authority shall under no circumstances be obligated to pay the Bonds or .the respective project costs except from revenues and other funds pledged therefor. Neither the Program Participants, CSAC, LCC, nor the Authority shall be obligated to pay the principal~of, premium, if any, or interest on the Bonds, or other costs incidental thereto, ezcept from the revenues and funds pledged therefor, and neither the faith and credit nor the taring power of the Program Participants nor the faith and credit of CSAC, LCC,. or the Authority shall be pledged to the payment of the principal of, premium, if any, or interest on the Bonds nor shall the Program Participants, CSAC, LCC, or. the Authority in any . manner be obligated to make any appropriation for such payment.. No covenant or agreement contained in any Bond or Indenture shall be deemed to be a covenant or agreement of any member of the Commiss-ion, or any officer,agent or employee of the Authority.in.his individual capacity and neither the Commission of the Authority nor any officer thereof eaecutinq- the Bonds shall be liable personally on any Bond or be subject to any personal liability or accountability by reason.of the issuance of any Bonds. Section 10.: Accounts and Reports. All funds of the Authority shall be strictly accounted for. The Authority shall establish ,and maintain .such funds and accounts as may be required by good accounting practice and by any provision of any Indenture (to the eztent. such duties are not assigned to a trustee of Bonds). The books and records of the Authority shall be open to inspection at all reasonable times by each Program Participant. The Treasurer of the Authority shall cause an independent audit to be made of the books of accounts and financial records of the Agency by a certified public accountant or public accountant in compliance with the provisions of Section 6505 of the Joint Ezercise of Powers Act. In each case the minimum requirements of the audit shall be those prescribed by the State Controller for special districts. under Section 26909 of the Government Code of the State of California and shall conform to generally accepted auditing standards. when such an audit of accounts and records is made by a certified public accountant or public accountant, a report thereof shall be filed as public records with each Program Participant and also with the county auditor of each county in which a Program Participant is located. Such report shall be filed within 12 months of .the.. end of the Fiscal Year or Years under examination. ~7~h5