1. A. Expenditures under this act shall be in compliance with competitive bidding required of state agencies, and shall be in compliance with provisions for sole source contracts.
2. B. Any state contract issued pursuant to this act shall contain a provision for a compliance audit by a licensed public accountant or a certified public accountant holding a permit to practice in this state. The State Auditor and Inspector shall select the licensed public accountant or the certified public accountant to conduct the audit. A copy of any such audit shall be filed with the office of the State Auditor and Inspector.
3. C. Any person or entity that enters into a contract by which the person or entity receives compensation directly or indirectly from the Trucking Industry Self-Funded Research and Development (TISRAD) Revolving Fund shall submit to the TISRAD Committee an expenditure report detailing the expenditures of the direct or indirect use of the TISRAD funds. The provisions of this subsection shall not apply to any expenditures made prior to the effective date of this act.

Laws 1987, HB 1142, c. 6, § 14, emerg. eff. March 16, 1987; Amended by Laws 1992, HB 2147, c. 179, § 4, emerg. eff. July 1, 1992.