KRS 151.662: Statement of objectives --- Annual report -- Accounting and auditing.

(1) The board shall annually formulate and issue a statement of objectives, priorities,

and programs that it has adopted or envisions to meet these objectives. This

statement of objectives shall be included in the annual report.

(2) The board shall report annu ally to the Governors of the Commonwealth of

Kentucky and State of Tennessee, and to the General Assemblies. This report shall

also be transmitted to the governing bodies of each county and incorporated

municipality of the authority. The report shall inclu de a statement of financial

receipts and expenditures, assets and liabilities of the authority, a summary of all

activities and accomplishments for the period, and proposed plans for the next year.

(3) The Auditor of Public Accounts shall establish in coop eration with the Comptroller

of the Treasury of Tennessee, an acceptable accounting system and an auditing

requirement for the authority. Purchasing and contracting procedures adopted by the

authority shall not be effective until approved by the Auditor of Public Accounts.