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provide a monthly summary of such costs in support of SAWPA's <br />billings. All billings shall be presented to SAN BERNARDINO <br />and COLTON on or before the 15th of each month and shall be <br />paid by them no later than the 15th of the following month. <br />Each PARTY shall have the right to inspect and copy, at any <br />reasonable time, the records required under this Subsection. <br />12. Accounting and Audit. SAWPA shall maintain full and <br />accurate books and accounts in accordance with practices established <br />by or consistent with those utilized by the Controller of the State <br />of California for public agencies. Such books and accounts shall be <br />maintained on a fiscal year beginning on July 1 and ending on June <br />30, following. Such books and accounts shall be audited annually by <br />an independent certified public accountant and copies of each such <br />audit report shall be delivered to the Board of Control and to the <br />governing bodies of COLTON and SAN BERNARDINO no later than 15 days <br />after receipt of the audit by SAWPA. In addition, each PARTY shall <br />have the right to audit such books and accounts at any reasonable <br />time, the cost and expense of which shall be borne by the PARTY <br />seeking such audit. <br />13. Commencement and Termination of Agreement. SAWPA shall <br />commence the management, operation and maintenance of the <br />Demonstration System when (a) the construction of the same is <br />completed, (b) all financing agreements have been fully executed, <br />8 <br />