Page:United States Statutes at Large Volume 75.djvu/750

 710

PUBLIC LAW 87-328-SEPT. 27, 1961

[75 S T A T.

2) the public exigency requires the immediate delivery of the articles or performance of the service; 3) only one source of supply is available; 4) the equipment to be purchased is of a technical nature and the procurement thereof without advertising is necessary in order to assure standardization of equipment and interchangeability of parts in the public interest; or 5) services are to be provided of a specialized or professional nature. 14.10 Insurance. The commission may self-insure or purchase insurance and pay the premiunis therefor against loss or damage to any of its properties; against liability for injury to persons or property; and against loss of revenue from any cause whatsoever. Such insurance coverage shall be in such form and amount as the commission may determine, subject to the requirements of any agreement arising out of the issuance of bonds by the commission. 14.11 Annual Independent Audit. (a) As soon as practical after the closing of the fiscal year, an audit shall be made of the financial accounts of the commission. The audit 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 accounting 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 m 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 comptroller 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 commission or to the authorized officers of any signatory party or who shall refuse to submit to them for examination such books, documents, records, 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 s i ^ a to r y parties and to the puolic reporting on its programs, operations and finances. I t may also prepare, publish and distribute such other public reports and informational materials as it may deem necessary or desirable. 14.13 Grants, Ijoans or Payments by States or Political Subdivisions. (a) Any or all of the signatory parties or any political subdivision thereof may:

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