The books, accounts, records, and transactions of a public transportation corporation are subject to examination, audit, and supervision by the state board of accounts to the same extent as the books, accounts, records, and transactions of other municipal corporations and their officers and departments. However, in lieu of the system of accounts prescribed by the state board of accounts, a public transportation corporation may maintain its books, accounts, records, and transactions according to the financial accounting and reporting elements system, known as 'Project Fare', that is established by the federal Urban Mass Transportation Administration.[Pre-Local Government Recodification Citation: 19-5-2-31.]As added by Acts 1981, P.L.309, SEC.77.
Indiana Legal Code