1414                             LAWS OF MARYLAND                       [CH. 869

317-70. 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 Authority.
The audit shall be made by qualified certified public accountants
selected by the Board, who shall have no personal interest direct
or indirect in the financial affairs of the Authority or any of its
officers or employees. The report of audit shall be prepared in ac-
cordance with generally accepted auditing principles and shall be
filed with the Chairman and other officers as the Board shall direct.
Copies of the report shall be distributed to each Director, to the
Congress, to the Board of Commissioners of the District of Columbia,
to the Governors of Virginia and Maryland, to the Washington
Suburban Transit Commission, to the Northern Virginia Trans-
portation Commission and to the governing bodies of the political
subdivisions located within the Zone which are parties to commit-
ments for participation in the financing of the Authority and shall
be made available for public distribution.

(b)    The financial transactions of the Board shall be subject to
audit by the United States General Accounting Office in accordance
with the principles and procedures applicable to commercial cor-
porate 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 Board are kept.

(c)    Any Director, officer or employee who shall refuse to give
all required assistance and information to the accountants selected
by the Board or to the authorized officers of any signatory party
or other participating governmental unit 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, in the discretion of the Board, forfeit his office.

317-71. Reports—

The Commission BOARD shall make and publish an annual report
on its programs, operations and finances, which shall be distributed in
the same manner provided by Section 317-70 of this Article XVI for
the report of annual audit. It may also prepare, publish and dis-
tribute such other public reports and informational materials as it
may deem necessary or desirable.

317-72. Insurance—

The, Board may self-insure or purchase insurance and pay the
premiums 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 Board may determine, sub-
ject to the requirements of any agreement arising out of issuance of
bonds or other obligations by the Authority.

317-73. Purchasing—

Contracts for the construction, reconstruction or improvement of
any facility when the expenditure required exceeds ten thousand
dollars ($10,000) and contracts for the purchase of supplies, equip-
ment and materials when the expenditure required exceeds two