(a) The Authority shall prepare an annual report of its activities, including a financial statement, and submit the report to the legislative bodies of the member municipalities.

(b) The fiscal year of the Authority shall commence July 1 in each year.

(c) It is declared to be the legislative intent that, if any section, subsection, sentence, clause, or provision of this act is held invalid, no other section, subsection, sentence, clause, or provision of this act shall be deemed invalid or ineffective. (Added 1973, No. 122, § 9, eff. Feb. 2, 1973.)