Section 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.

Enacted by Chapter 59, 2022 General Session