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(a) The board of directors shall keep a complete record of all financial transactions relating to the carrying out of the approved plan for works of improvement in a project area.
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(b)
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(1) On or before March 1 of each year, the board shall file with the clerk of the court a sworn statement covering the preceding year ending December 31 of the financial condition of the district with respect to the approved plan in a project area.
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(2) In project areas with revenues, from whatever source derived, in excess of five thousand dollars ($5,000) per year, the pertinent books, records, and last annual report of the district with respect to the approved plan shall be examined at least once a year by a certified public accountant.
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(3) The accountant shall file a report of the examination with the clerk of the court within thirty (30) days after completing such examination.
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(4) The accountant shall recommend the form and method for keeping books and records and for making the reports of the district with respect to the approved plan.
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(5) The expense of the examination shall be paid as a part of the expenses of carrying out the approved plan.
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