S.B. 810

VETOES

(4) With the exception of the Director, no positions in the Administration
may be added without prior approval of the General Assembly.

[6-304.] 6-404.

(a)     The Administration shall provide for a system of financial accounting,
controls, audits, and reports. All accounting systems and records, auditing procedures and
standards, and financial reporting of the Administration shall conform to generally
accepted accounting principles. 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 Administration.
The audit shall be made by independent certified public accountants who are selected by
the Administration and who are licensed to practice in the State. The accountants may
not have a personal interest either directly or indirectly in the fiscal affairs of the
Administration. 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 standards and point out any irregularity found to exist. The accountants
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 financial
operations of the Administration. If they are unable to express an unqualified opinion
they shall state and explain in detail the reasons for their qualifications, disclaimer, or
opinion and they shall include their recommendations as to what actions are necessary to
make possible future unqualified opinions.

(b)     The Administration shall prepare an annual report by December 1 for the
Governor, THE COMMISSION, and, subject to § 2-1312 of the State Government Article,
for the General Assembly for the preceding State fiscal year. The report shall contain a
summary of the energy projects that obtained financial assistance from the
Administration and, for each project or class of projects, the estimated energy savings and
energy supply additions. The report shall also list the source and amount of any
contribution, gift, or other donation received by the Administration. Each report shall set
forth the complete operating and financial statement covering the operations of the
Administration during the fiscal year and shall include the results of the audit performed
under subsection (a) of this section.

(c)     The interest rate on loan programs of the Administration, together with other
moneys reasonably expected to be available to the Administration, shall be sufficient to
make the loan programs self supporting. The determination of the interest rate shall take
into account the expenses of administration, including payments required by mortgage
defaults and expenses for administrative, legal, actuarial, and other services, allowance
for losses, and the actual or imputed interest cost of funds, and less any payments or
subsidies received by the Administration for the administration of any loan program.

(d)     All moneys received pursuant to the authority of this subtitle, whether as
proceeds from the sale of bonds or otherwise, shall be deemed to be trust funds to be held
and applied solely as provided in this subtitle. Any officer with whom, or any bank or trust
company with which, such moneys shall be deposited shall act as trustee of such moneys
and shall hold and apply the same for the purposes hereof, subject to such regulations as
this subtitle and the determination authorizing the bonds of any issue or the trust
agreement securing such bonds may provide.

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