A. The Community Hospitals Authority shall have the power and duty to: 1. Adopt bylaws and promulgate rules for the regulation of its affairs and the conduct of its business; 2. Adopt an official seal; 3. Maintain an office in one of the participating hospitals for the Community Hospitals Authority at no cost to the Authority; 4. Sue and be sued; 5. Make and enter into all contracts necessary or incidental to the performance of its duties and the execution of its powers pursuant to the Community Hospitals Authority Act; 6. Purchase or lease equipment, furniture, materials and supplies, and incur such other expenses as may be necessary to discharge its duties and responsibilities or to make any of its powers effective; 7. Accept any and all grants from persons and from the United States of America, or from any corporation or agency created or designed by the United States of America, and, in connection with any such grant, to enter into such agreements as the United States of America or such corporation or agency may require; 8. Accept grants and gifts from private individuals and organizations; 9. Provide for complete financial audits on all accounts of the Community Hospitals Authority and to authorize periodic audits by an independent external auditing agency. Such audits shall be performed annually in a format approved by the State Auditor and Inspector, and all such audits shall be submitted to the State Auditor and Inspector for review. Such audits shall be made in accordance with generally accepted auditing standards and government auditing standards. Financial statements shall be prepared in accordance with generally accepted accounting principles. In addition to the audits, the State Auditor and Inspector, whenever the State Auditor deems it appropriate, and at least once each five (5) years, or upon receipt of a request to do so from the Governor, the Attorney General, the President Pro Tempore of the Senate, the Speaker of the House of Representatives or the Authority shall conduct a special audit of the Authority; 10. Engage in long-term planning for the operation and management of the Community Hospitals Authority; 11. Establish petty cash funds and provide for appropriate accounting procedures and controls; and 12. Do all other things necessary and proper to implement the provisions of the Community Hospitals Authority Act. B. The Community Hospitals Authority shall be subject to the Oklahoma Budget Law of 1947. C. The Authority shall prepare monthly a "budget vs. actual" report which shows by budget activity the monthly and year-to-date revenues and expenditures compared to budgeted revenues and expenditures. Such report shall be submitted to the Office of Management and Enterprise Services and to the directors of the Fiscal Divisions of the State Senate and the Oklahoma House of Representatives. D. The Authority shall be subject to the professional risk management program provided for in Section 85.58A of Title 74 of the Oklahoma Statutes. E. The Authority shall be and is prohibited from issuing bonds or other evidences of indebtedness. F. The Authority shall be and is prohibited from acquiring any real property.
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