PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 385 "(2) OUTSTANDING OBLIGATION DEFINED.— For purposes of this subsection (other than paragraph (3)), the term 'outstanding obligation' includes— "(A) any obligation or other liability assumed by the Corporation from the Federal Savings and Loan Insurance Corporation under this section or pursuant to any provision of the Financial Institutions Reform, Recovery, and J Enforcement Act of 1989; "(B) any guarantee issued by the Corporation; "(C) the total of the outstanding amounts borrowed from the Secretary of the Treasury pursuant to subsection (i); ^ and i "(D) any other obligation for which the Corporation has a direct or contingent liability to pay any amount. "(3) FULL FAITH AND CREDIT. —The full faith and credit of the United States is pledged to the payment of any obligation issued by the Corporation, with respect to both principal and interest, if— "(A) the principal amount of such obligation is stated in the obligation; and "(B) the term to maturity or the date of maturity of such obligation is stated in the obligation. "(4) ESTIMATES OF COSTS OF CONTINGENT LIABIUTIES REQUIRED. — "(A) IN GENERAL.—The Corporation shall— "(i) estimate the cost to such Corporation of any /, contingent liability of the Corporation; and "(ii) at least once each calendar quarter, make such adjustment as is appropriate in the estimate of such cost. "(B) INCLUSION IN FINANCIAL STATEMENTS AND OUTSTAND- ING OBLIGATiONS. — The estimated amount of the cost to the Corporation of any contingent liability of the Corporation (talung into account the most recent adjustment to such estimate pursuant to paragraph (A)(ii)) shall be— "(i) treated as an outstanding obligation of the Cor- poration for purposes of this subsection; and "(ii) included in any financial statement of the Cor- poration, " (k) REPORTING AND DISCLOSURE OBLIGATIONS.— "(1) AUDITS.— "(A) ANNUAL AUDIT.— The Comptroller General shall audit annually the financial statements of the Corporation in accordance with generally accepted Government auditing standards unless the Comptroller General notifies the Over- sight Board not later than 180 days before the close of a fiscal year that the Comptroller General will not perform such audit for that fiscal year. In the event of such notifica- Contracts. ^ tion, the Oversight Board shall contract with an independ- ent certified public accountant to perform the annual audit of the Corporation's financial statement in accordance with generally accepted Government auditing standards. "(B) ACCESS TO BOOKS AND RECORDS.— A ll books, records, accounts, reports, files, and property belonging to or used by the Corporation, or the Oversight Board, or by an independent certified public accountant retained to audit
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