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The Authority shall make quarterly reports to the Board of Commissioners detailing-its revenues, expenditures, and activities. Promptly following the close of each fiscal year,- the Authority shall cause an audit of its books and accounts to be made by a certified public accountant, which may be the CPA firm which is employed to perform the County's audit. The financial affairs of the Authority shall be governed by all the applicable provisions of the Local Government Budget and Fiscal Control Act, Article 3', Chapter 159, of the General Statutes of North Carolina. ARTICLE 11 INSURANCE AND INDEMNIFICATION Section 11.1 Insurance. The Authority shall procure and maintain in force polices of insurance for the benefit of the Authority and its Officers and Board Members and for the purposes of indemnification of the Authority's Officers and Board members from liability and related legal costs as authorized by the North Carolina Nonprofit Corporation Act and to the extent such insurance is deemed necessary or desirable in the sole discretion of the Authority Board. Section 11.2 Indemnification. (1) Right to indemnification. Any person who at any time serves or has served as a Board member or Officer of the Authority shall have a right to be indemnified by the Authority to the fullest extent permitted by law against (a) reasonable expenses, including attorneys' fees, incurred by him or her in connection with any threatened, pending or completed civil, criminal, administrative, investigative or arbitrative action, suit or proceeding (and any appeal therein), whether or not brought by or on behalf of the Authority, seeking to hold him or her liable by reason of the fact that he or she is or was acting in such capacity, and (b) reasonable payments made by him or her in satisfaction of any judgment, money decree, fine (including an excise tax assessed with respect to an employee benefit plan), penalty or settlement for which he or she may have become liable in any such action, suit or proceeding. (2) .Payment of Indemnification. The Authority Board shall take all such action as may be necessary and appropriate to authorize the Authority to pay the indemnification required by this Bylaw, including without limitation, to the extent needed, making a determination that indemnification is permissible in the circumstances and a good faith evaluation of the manner in which the claimant for indemnity acted and of the reasonable amount of indemnity due him or her. The Authority Board may appoint a committee or special counsel to make such determination and evaluation. (3) Payment in advance. The Authority shall pay air expenses incurred by any claimant hereunder in defending a civil or criminal action, suit, or proceeding as set forth above in advance of the final disposition of such action, suit, or proceeding upon receipt of an undertaking by or on behalf of such claimant to repay such amount unless it ultimately shall be determined that such claimant is entitled to be indemnified by the Authority against such expenses. (Q) Binding and nonexclusive. Any person who at any time after the adoption of this Bylaw serves or has served in any of the aforesaid capacities for or on behalf of the Authority shall be deemed to be doing or to have done so in reliance upon, and as consideration for, the right of indemnification provided herein. Such right shall inure to the benefit of the legal representatives of any such claimant hereunder and shall not be exclusive of any other rights to which such claimant may be entitled apart from the provision of this Bylaw. 10 r"U