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<br />Authority. The Bonds shall be only special obligations of the <br />Authority, and the Authority shall under no circumstances be <br />obligated to pay the Bonds or the respective project costs <br />except from revenues and other funds pledged therefor. <br />Neither the Program Participants, CSAC, LCC, nor the <br />Authority shall be obligated to pay the principal of, premium, <br />if any, or interest on the Bonds, or other costs incidental <br />thereto, except from the revenues and funds pledged therefor, <br />and neither the faith and credit nor the taxing power of the <br />Program Participants nor the faith and credit of CSAC, LCC, or <br />the Authority shall be pledged to the payment of the principal <br />of, premium, if any, or interest on the Bonds nor shall the <br />Program Participants, CSAC, LCC, or the Authority in any <br />manner be obligated to make any appropriation for such <br />payment. <br /> <br />No covenant or agreement contained in any Bond or <br />Indenture shall be deemed to be a covenant or agreement of <br />any m e m b e r 0 f the Com m i s s ion, 0 ran y 0 f f~i c e r, age n tor <br />employee of the Authority in his individual capacity and <br />neither the Commission of the Authority nor any officer thereof <br />executing the Bonds shall be liable personally on any Bond or <br />be subject to any personal liability or accountability by reason <br />of the issuance of any Bonds. <br /> <br />Section 10. <br /> <br />Accounts and Reoorts. <br /> <br />All funds of the Authority shall be strictly accounted <br />for. The Authority shall establish and maintain such funds and <br />accounts as may be required by good accounting practice and <br />by any provision of any Indenture (to the extent such duties <br />are not assigned to a trustee of Bonds). The books and <br />records of the Authority shall be open to inspection at all <br />reasonable times by each Program Participant. <br /> <br />The Treasurer of the Authority shall cause an <br />independent audit to be made of the books of accounts and <br />financial records of the Agency by a certified public <br />accountant or public accountant in compliance with the <br />provisions of Section 6505 of the Joint Exercise of Powers <br />Act. In each case the minimum requirements of the audit shall <br />be those prescribed by the State Controller for special <br />districts under Section 26909 of the Government Code of the <br />State of California and shall conform to generally accepted <br />auditing standards. When such an audit of accounts and <br />records is made by a certified public accountant or public <br />accountant, a report thereof shall be filed as public records <br />with each Program Participant and also with the county auditor <br />of each county in which a Program Participant is located. <br />Such report shall be filed within 12 months of the end of the <br />Fiscal Year or Years under examination. <br /> <br />9 <br />