Within one hundred twenty (120) days from the close of its fiscal year, the authority shall make an annual report to the chief executive officer and legislative body of the municipality of its activities for the preceding fiscal year. Each report shall present a complete operating and financial statement covering its operations during the year. The authority shall cause an annual audit of the books, records, and accounts of the authority to be made, and the costs shall be treated as a part of the cost of operation.
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