(1) The lake authority shall, within 180 days after the end of the lake authority's fiscal year, file a copy of the audit report with the county auditor and the state auditor.
(2) Each audit report under Subsection (1) shall include:
(a) the outstanding principal amount of bonds issued or other loans incurred to finance the costs associated with the lake authority's projects; and
(b) the actual amount expended for:
(i) acquisition of property;
(ii) site improvements or site preparation costs;
(iii) installation of public utilities or other public improvements; and
(iv) administrative costs of the lake authority.