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Ch. 13
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564
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LAWS OF MARYLAND
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AUDITING PRINCIPLES AMD 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 TRANSPORTATION COMMISSION AND TO THE
GOVERNING BODIES OF THE POLITICAL SUBDIVISIONS LOCATED
WITHIN THE ZONE WHICH ARE PARTIES TO COMMITMENTS FOR
PARTICIPATION IN THE FINANCING OF THE AUTHORITY AND SHALL
BE MADE AVAILABLE FOR PUBLIC DISTRIBUTION.
(8) 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 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 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 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.
71. REPORTS.
THE BOARD SHALL MAKE AND PUBLISH AN ANNUAL REPORT ON
ITS PROGRAMS, OPERATIONS AND FINANCES, WHICH SHALL BE
DISTRIBUTED IN THE SAME MANNER PROVIDED BY §70 OF THIS
ARTICLE XVI FOR THE REPORT OF ANNUAL AUDIT. IT MAY ALSO
PREPARE, PUBLISH AND DISTRIBUTE SUCH OTHER PUBLIC REPORTS
AND INFORMATIONAL MATERIALS AS IT MAY DEEM NECESSARY OR
DESIRABLE.
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, SUBJECT
TO THE REQUIREMENTS OF ANY AGREEMENT ARISING OUT OF
ISSUANCE OF BONDS OR OTHER OBLIGATIONS BY THE AUTHORITY.
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, EQUIPMENT AND MATERIALS WHEN
THE EXPENDITURE REQUIRED EXCEEDS TWO THOUSAND FIVE
HUNDRED DOLLARS ($2,500) SHALL BE ADVERTISED AND LET UPON
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