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An Act To Simplify the Audit Procedures of the Maine Rural Development Authority
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §13120-K, sub-§2, as enacted by PL 2001, c. 703, §6, is amended to read:
 
2. Treasurer of State; annual financial report.   The authority shall provide the Treasurer of State, within 120 days after the close of its fiscal year, its annual financial report certified by an independent certified public accountant, who may be the accountant or a member of the firm of accountants who regularly audits the books and accounts of the authority, selected by the authority. The authority shall also provide the Treasurer of State with an accounting of the authority's assets and liabilities at the end of its fiscal year. The authority is also subject to the provisions of chapter 11. The authority may combine for accounting purposes any or all funds established for its programs and activities. For any complete fiscal year that the authority contracts with the Finance Authority of Maine, or any other state agency or quasi-state agency that is required to submit to the Treasurer of State its own audited financial report, and the audited annual financial report of that state agency or quasi-state agency includes for accounting purposes the funds administered for the authority, the audited financial report of that state agency or quasi-state agency satisfies the requirements of this subsection.
 
Effective 90 days following adjournment of the 126th Legislature, Second Regular Session, unless otherwise indicated.