PUBLIC Law Chapter 147

	3.__Accounts. The financial assets of the insurance fund must be
maintained in 2 accounts to be designated as the "operating
account" and the "claims account." The operating account consists
only of those assets necessary for the administration of the
insurance fund during the next ensuing 2-year period. The claims
account contains all money not included in the operating account
and may not exceed the amount reasonably estimated to be sufficient
to pay all legitimate claims on the insurance fund for a period of
3 years. When the claims account has reached its maximum limit or
would reach its maximum limit by the addition of money requested
for appropriation by the party states, the governing board shall
reduce its budget request on a pro rata basis in such a manner as
to keep the claims account within the maximum limit. Any money in
the claims account by virtue of conditional donations, grants or
gifts must be included in calculations made pursuant to this
subsection only to the extent that such money is available to meet
demands arising out of claims.

4.__Pledge of credit. The governing board may not pledge the
credit of any party state. The governing board may meet any of
its obligations in whole or in part with money available to it
under section 2315, subsection 7 if the governing board takes
specific action setting aside the money prior to incurring any
obligation to be met in whole or in part in such a manner. Except
when the insurance fund makes use of money available to it under
section 2315, subsection 7, the governing board may not incur any
obligation prior to the allotment of money by the party states
adequate to meet the obligation.

5.__Records. The governing board shall keep accurate accounts
of all receipts and disbursements. The receipts and disbursements
of the insurance fund are subject to audit and accounting
procedures established under its bylaws. All receipts and
disbursements of funds handled by the insurance fund must be
audited yearly by a certified or licensed public accountant, and
a report of the audit must be included in and become part of the
annual report of the insurance fund.

6.__Inspection of accounts. The accounts of the insurance fund
must be open at any reasonable time for inspection by duly
authorized officers of the party states and by any persons
authorized by the governing board.

§2321. Entry into force and withdrawal -- Article X

This compact enters into force when enacted into law by 5 or
more states. Thereafter, this compact becomes effective, as to
any other state, upon that state's enactment thereof.

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