Sec. 6. Any commuter transportation system receiving assistance from a district shall, as a condition of the grant:
(1) submit its operating budget for passenger service rendered to the district for public hearings annually at least ninety (90) days before the beginning of the system's fiscal year;
(2) permit the Indiana department of transportation (IC 8-23-2) to audit the financial books and records of the system as the department would audit any intrastate railroad; and
(3) assume the responsibility for operation and maintenance of the equipment in accordance with a lease agreement executed between the system and district.