3200                                     LAWS OF MARYLAND                                   Ch. 871

WHICH RULES AND REGULATIONS NEED NOT BE APPROVED BY ANY
OTHER BOARD, AGENCY OR DEPARTMENT OF THE STATE.

22. 3-722.

IT IS THE INTENTION OF THIS ARTICLE THAT JUDICIAL
REVIEW AS HEREIN PROVIDED FOR OF ANY ACTION UNDER THIS
SUBTITLE SHALL IN ALL INSTANCES INCLUDE THE RIGHT TO APPEAL
TO THE MARYLAND COURT OF SPECIAL APPEALS AND THE MARYLAND
COURT OF APPEALS FROM THE DECISION OF ANY CIRCUIT COURT OR
EQUITY COURT OF BALTIMORE CITY; PROVIDED, HOWEVER, THAT
NOTHING IN THIS ARTICLE SUBTITLE SHALL BE CONSTRUED OR
APPLIED SO AS TO PERMIT ANY COURT OR STATE OR LOCAL
REGULATORY AUTHORITY TO IMPAIR ANY OBLIGATION OF THE
AUTHORITY TO FIX, CHARGE AND COLLECT RATES, RENTALS, FEES
AND CHARGES IN AMOUNTS SUFFICIENT TO SATISFY ANY COVENANT IN
ANY RESOLUTION AUTHORIZING BONDS OR IN ANY TRUST AGREEMENT
SECURING BONDS.

23. 3-723.

(A)  WITHIN THE FIRST NINETY DAYS OF EACH FISCAL YEAR,
THE AUTHORITY SHALL MAKE A REPORT TO THE GOVERNOR AND TO THE
CHIEF EXECUTIVE OFFICER AND THE LEGISLATIVE BODY OF EACH
PARTICIPATING COUNTY OF ITS ACTIVITIES FOR THE PRECEDING
FISCAL YEAR. EACH SUCH REPORT SHALL SET FORTH THE COMPLETE
OPERATING AND FINANCIAL STATEMENT COVERING ITS OPERATIONS
DURING SUCH YEAR. THE AUTHORITY SHALL CAUSE AN AUDIT OF ITS
BOOKS AND ACCOUNTS TO BE MADE AT LEAST ONCE EACH YEAR BY
CERTIFIED PUBLIC ACCOUNTANTS, AND THE COST THEREOF SHALL BE
PAID BY THE AUTHORITY FROM FUNDS AVAILABLE TO IT PURSUANT TO
THIS ARTICLE.

(B)  THE AUTHORITY SHALL MAKE PROVISION FOR A SYSTEM OF
FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND REPORTS. ALL
ACCOUNTING SYSTEMS AND RECORDS, AUDITING PROCEDURES AND
STANDARDS, AND FINANCIAL REPORTING SHALL CONFORM TO
GENERALLY ACCEPTED PRINCIPLES OF GOVERNMENTAL ACCOUNTING.
THE AUTHORITY SHALL ADOPT THE FISCAL YEAR OF JULY 1 TO JUNE
30, DESIGNATE THE NECESSARY FUNDS FOR COMPLETE
ACCOUNTABILITY, AND SPECIFY THE BASIS OF ACCOUNTING FOR EACH
FUND. AS SOON AS PRACTICAL AFTER THE CLOSING OF THE FISCAL
YEAR, AN AUDIT SHALL BE MADE OF THE FINANCIAL BOOKS,
RECORDS, AND ACCOUNTS OF THE AUTHORITY. THE AUDIT SHALL BE
MADE BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS, SELECTED
BY THE AUTHORITY, AND LICENSED TO PRACTICE IN THE STATE AS
AUDITORS. THE AUDITORS MAY NOT HAVE A PERSONAL INTEREST
EITHER DIRECTLY OR INDIRECTLY IN THE FISCAL AFFAIRS OF THE
AUTHORITY. THEY SHALL BE EXPERIENCED AND QUALIFIED IN THE
ACCOUNTING AND AUDITING OF PUBLIC BODIES. THE REPORT OF
AUDIT SHALL BE PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING PRINCIPLES AND POINT OUT ANY
IRREGULARITIES FOUND TO EXIST. THE AUDITORS SHALL REPORT
THE RESULTS OF THEIR EXAMINATION, INCLUDING THEIR
UNQUALIFIED OPINION ON THE PRESENTATION OF THE FINANCIAL
POSITION OF THE VARIOUS FUNDS AND THE RESULTS OF THE
AUTHORITY'S FINANCIAL OPERATIONS. IF THEY ARE UNABLE TO