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6.3.A. - Page 16 <br /> in accounting based on a different fiscal year previously. <br /> b. Prior to the beginning of each fiscal year, the Board shall adopt a budget for the <br /> succeeding fiscal year. <br /> c. The Authority shall establish and maintain such funds and accounts as may be <br /> required by generally accepted accounting principles. The books and records of the Authority are <br /> public records and shall be open to inspection at all reasonable times by each Member and its <br /> representatives. <br /> d. The Auditor shall either make, or contract with a certified public accountant or <br /> public accountant to make, an annual audit of the accounts and records of the Authority. The <br /> minimum requirements of the audit shall be those prescribed by the State Controller for special <br /> districts under Section 26909 of the Government Code of the State of California, and shall <br /> conform to generally accepted auditing standards. When an audit of accounts and records is made <br /> by a certified public accountant or public accountant, a report thereof shall be filed as a public <br /> record with each Member (and also with the auditor of Sacramento County as the county in which <br /> the Authority's office is located) within 12 months after the end of the fiscal year. <br /> e. In any year in which the annual budget of the Authority does not exceed five <br /> thousand dollars ($5,000.00), the Board may, upon unanimous approval of the Board, replace the <br /> annual audit with an ensuing one-year period, but in no event for a period longer than two fiscal <br /> years. <br /> 16. Duties of Members or Associate Members; Breach <br /> If any Member or Associate Member shall default in performing any covenant contained <br /> herein, such default shall not excuse that Member or Associate Member from fulfilling its other <br /> obligations hereunder, and such defaulting Member or Associate Member shall remain liable for <br /> the performance of all covenants hereof. Each Member or Associate Member hereby declares <br /> that this Agreement is entered into for the benefit of the Authority created hereby, and each <br /> Member or Associate Member hereby grants to the Authority the right to enforce, by whatever <br /> lawful means the Authority deems appropriate, all of the obligations of each of the parties <br /> hereunder. Each and all of the remedies given to the Authority hereunder or by any law now or <br /> hereafter enacted are cumulative, and the exercise of one right or remedy shall not impair the right <br /> of the Authority to any or all other remedies. <br /> 17. Indemnification <br /> To the full extent permitted by law, the Board may authorize indemnification by the <br /> Authority of any person who is or was a Board Delegate, alternate, officer, consultant, employee or <br /> other agent of the Authority, and who was or is a party or is threatened to be made a party to a <br /> proceeding by reason of the fact that such person is or was such a Delegate, alternate, officer, <br /> consultant, employee or other agent of the Authority. Such indemnification may be made against <br /> expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in <br /> connection with such proceeding, if such person acted in good faith and in a manner such person <br /> reasonably believed to be in the best interests of the Authority and, in the case of a criminal <br /> Page 9 of 13 <br />