NATIONAL BANK, OR FEDERALLY OR STATE INSURED SAVINGS AND LOAN
ASSOCIATIONS LOCATED IN THE STATE THAT HAVE A TOTAL PAID-IN CAPITAL OF AT
LEAST $1,000,000.

(3) THE TRUST DEPARTMENT OF ANY STATE OR NATIONAL BANK OR
SAVINGS AND LOAN ASSOCIATION MAY BE DESIGNATED AS A DEPOSITORY TO
RECEIVE ANY SECURITIES ACQUIRED OR OWNED BY THE CORPORATION.

(B) UNLESS OTHERWISE PROVIDED IN ANY AGREEMENT OR COVENANT
BETWEEN THE CORPORATION AND THE HOLDERS OF ANY OF ITS OBLIGATIONS
LIMITING OR RESTRICTING CLASSES OF INVESTMENTS, ANY MONEY OF THE
CORPORATION MAY BE INVESTED IN BONDS OR OTHER OBLIGATIONS OF, OR
GUARANTEED AS TO PRINCIPAL AND INTEREST BY, THE UNITED STATES OR THIS
STATE OR IN THE POLITICAL SUBDIVISIONS OR UNITS OF THIS STATE.

(C) (1) THE CORPORATION SHALL MAKE PROVISION FOR A SYSTEM OF
FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND REPORTS.

(2) THE FISCAL YEAR OF THE CORPORATION SHALL BE JULY 1 TO JUNE

30.

(D) (1) AS SOON AS PRACTICABLE AFTER THE CLOSING OF THE FISCAL
YEAR, AN AUDIT SHALL BE MADE OF THE FINANCIAL BOOKS, RECORDS, AND
ACCOUNTS OF THE CORPORATION.

(2) THE AUDIT SHALL BE MADE BY INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS, SELECTED BY THE CORPORATION AND LICENSED TO PRACTICE IN
THE STATE.

(3) THE ACCOUNTANTS:

(I) MAY NOT HAVE A PERSONAL INTEREST EITHER DIRECTLY OR
INDIRECTLY IN THE FISCAL AFFAIRS OF THE CORPORATION;

(II) SHALL BE EXPERIENCED AND QUALIFIED IN THE ACCOUNTING
AND AUDITING OF PUBLIC BODIES;

(III) 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 CORPORATION; AND

(IV) IF THE ACCOUNTANTS ARE UNABLE TO EXPRESS AN
UNQUALIFIED OPINION, THEY SHALL STATE AND EXPLAIN IN DETAIL THE REASONS
FOR THEIR QUALIFICATION, DISCLAIMER, OR OPINION, INCLUDING ANY
RECOMMENDATION NECESSARY TO MAKE POSSIBLE FUTURE UNQUALIFIED
OPINIONS.

(E) THE BOOKS, RECORDS, AND ACCOUNTS OF THE CORPORATION ARE
SUBJECT TO AUDIT BY THE STATE.

(F) (1) WITHIN THE FIRST 90 DAYS OF EACH FISCAL YEAR, THE
CORPORATION SHALL MAKE A REPORT TO THE GOVERNOR, THE BOARD OF COUNTY