§47-1165.

§47-1165.
   
   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.
   
   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.
   
   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.