2.__Assessment.__The interstate commission shall levy and collect an annual assessment from each compacting state to cover the cost of the internal operations and activities of the interstate commission and its staff, which must be sufficient to cover the interstate commission's annual budget as approved each year.__The aggregate annual assessment amount must be allocated based upon a formula to be determined by the interstate commission, taking into consideration the population of the state and the volume of interstate movement of offenders in each compacting state and shall promulgate a rule binding upon all compacting states that governs the assessment.

3.__Obligations.__The interstate commission may not incur any obligations of any kind prior to securing the funds adequate to meet the same obligations; nor may the interstate commission pledge the credit of any of the compacting states, except by and with the authority of the compacting state.

4.__Accounts.__The interstate commission shall keep accurate accounts of all receipts and disbursements.__The receipts and disbursements of the interstate commission are subject to the audit and accounting procedures established under its bylaws.__ All receipts and disbursements of funds handled by the interstate commission must be audited yearly by a certified or licensed public accountant and the report of the audit must be included in and become part of the annual report of the interstate commission.

§9881.__Compacting state; effective date; amendment--

Article 11

1.__Eligibility.__Any state, as defined in section 9872, is eligible to become a compacting state.

2.__Effective date.__The compact becomes effective and binding upon enactment of the compact into law by no fewer than 35 of the states.__The initial effective date is July 1, 2001, or upon enactment into law by the 35th state, whichever is later.__After the initial effective date, the compact becomes effective and binding, as to any other compacting state, upon enactment of the compact into law by that state.__ The governors of nonmember states or their designees will be invited to participate in interstate commission activities on a nonvoting basis prior to adoption of the compact by all states and territories of the United States.

3.__Notification.__The executive director of the interstate