SPIRO T. AGNEW, Governor                         821

subdivision thereof or pursuant to any open and bulk purchase con-
tract of any of them;

2.   The public exigency requires the immediate delivery of the ar-
ticles 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 inter changeability of parts
in the public interest; or

5. Services are to be provided of a specialized or professional
nature.

15.10—Insurance. The commission 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 prop-
erty; and against loss of revenue from any cause whatsoever. Such
insurance coverage shall be in such form and amount as the com-
mission may determine, subject to the requirements of any agree-
ment arising out of the issuance of bonds by the commission.

15.11—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, docu-
ments, 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 trans-
actions 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 commis-
sion are kept.

(d)  Any officer or employee who shall refuse to give all required
assistance and information to the accountants selected by the com-
mission or to the authorized officers of any signatory party or who
shall refuse to submit to them for examination such books, docu-
ments, records, files, accounts, papers, things, or property as may
be requested shall forfeit his office.