16.2010 Independent audit reports–consultants–Annual Reports.

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(a) The college shall employ a firm of independent certified public accountants to examine and report each year upon the status of financial records and accounts, and may renew that employment annually. Copies of these reports shall be furnished by the college to the Governor and Legislature.

(b) The college may make intergovernmental or contractual agreements for expert consultants to advice or consult with it in all matters related to the operation of the college, including tuition fees, systems design, plant design, planning, budgeting, and legal matters.

(c) The college shall provide an annual report for each fiscal year, which shall estate investment trusts, and other securities selected by the Board with the care of a prudent man. The word “property” excludes lands for sites or experimental farms of the college, and buildings including the purchase, erection, and preservation or repair thereof, except as permitted by federal laws.

History: 1992, PL 22-30.