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(b) Funds and Accounts. The Authority shall establish and <br />maintain such funds and accounts as may be required by good accounting <br />practice. Books and records of the Authority shall be in the hands of <br />the Treasurer and shall be open to any inspection at all reasonable <br />times by representatives of Member Cities. <br />(c) Executive Director's Report. The Executive Director, within <br />one hundred and twenty (120) days after the close of each fiscal year, <br />shall give a complete written report of all financial activities for <br />such fiscal year to the Board and to each Member City. <br />(d) Annual Audit. The Board may provide for a certified, annual <br />audit of the accounts and records of the Authority such audit shall <br />conform to generally accepted auditing standards. When such an audit <br />of the accounts and records is made by a Certified Public Accountant, <br />a report thereof shall be filed as a public record with each of the <br />Member Cities. Such report shall be filed within six (6) months of <br />the end of the year under examination. <br />(d) Costs. Any costs of the audit, including contracts with, or <br />employment of, Certified Public Accountants, in making an audit <br />pursuant to this Article, shall be borne by the Authority and shall be <br />considered included within the term "administrative costs <br />ARTICLE 15 <br />Responsibility for Monies <br />(a) The Treasurer of the Authority shall have the custody of and <br />disburse the Authority's funds subject to Board approval. He or she <br />shall have the authority to delegate the signatory function to such <br />persons as are authorized by the Board. <br />(b) A bond in the amount set by the Board, as outlined by State <br />RCW shall be required of all officers and personnel authorized to <br />disburse funds of the Authority, such bond to be paid for by the <br />Authority. <br />(c) The Treasurer's duties shall include: <br />10 <br />(1) Receive and receipt for all money of the Authority and <br />place it in the treasury to the credit of the Authority; <br />(2) Be responsible upon his or her official bond for the <br />safekeeping and disbursement of all of the Authority's money <br />so held by him or her; <br />(3) Pay, when due, out of money of the Authority so <br />