§ 11-65-605. Audit report.

(1) The lake authority shall, within 180 days after the end of the lake authority's fiscal year, file a copy of the audit report with the county auditor and the state auditor. (2) Each audit report under Subsection (1) shall include: (a) the outstanding principal amount of bonds issued or other loans incurred to finance the costs associated with the lake authority's projects; and (b) the actual amount expended for: (i) acquisition of property; (ii) site improvements or site preparation costs; (iii) installation of public utilities or other public improvements; and (iv) administrative costs of the lake authority.