Accounting and Expenditures

(a)The Board shall adopt and maintain a system of accounting.

(b)The Board shall authorize, by means of the annual budget, payment of demands against the Authority resulting from the exercise of its powers under this Act if:

(1)the purposes and amounts of such demands are projected in the budget, expressed in terms of major account groups of the Uniform System of Accounts, which has been adopted by the Board after receiving recommendations from the General Manager; and

(2)if the specific demands which are made are approved by the Board before payment.

(c)The Board shall employ, in accordance with the appropriate procurement laws and the annual budget, a firm of locally licensed, independent Certified Public Accountants who shall annually examine the financial status and workings of the Authority for the previous fiscal year. Said firm shall submit to I Maga’hågan/Maga’låhen Guåhan, the General Manager and I Liheslaturan Guåhan, no later than February 1st of each year, a written report on the financial status and workings of the Authority during the previous fiscal year. The Board shall provide said report to I Maga’hågan/Maga’låhen Guåhan and I Liheslaturan Guåhan. I Maga’hågan/Maga’låhen Guåhan may request special reports within thirty

(30)days after the end of each fiscal quarter. The financial information presented in the reports required by this Section shall be in accordance with the Uniform System of Accounts adopted by the Board. Claims against the Guam Waterworks Authority shall be submitted to the Attorney General of Guam in accordance with the Government Claims Act.