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Contributions may be made to the Spencer Development Authority from time to time by the County Commission of the County or any municipal corporation therein, and by any persons, firms, or corporations, which shall desire so to do. All such funds and all other funds received by the Authority shall be deposited in such bank or banks as the Authority may direct and shall be withdrawn therefrom in such manner as the Authority may direct. The Authority shall keep strict account of all its receipts and expenditures and shall make a quarterly report to the City of Spencer, containing an itemized statement of its receipts and disbursements during the preceding quarter. Within sixty days after the end of each fiscal year, the Authority shall make an annual report, containing an itemized statement of its receipts and disbursements for the preceding year, and such annual report shall be published as a Class I legal advertisement in compliance with the provisions of West Virginia Code Article Three Chapter Fifty-Nine as amended, and the publication area for such publication shall be Roane County. The books, records, and accounts of the Authority shall be subject to audit and examination by the office of the State Tax Commissioner of West Virginia and by any other proper public official or body in the manner provided by law.