The burnet county road authority was established as a separate government to maintain county highways. the road authority was granted statutory power to impose property taxes on county residents to cover its costs, but it is required to balance its budget, which must be prepared on a cash basis. in its first year of operations it engaged in the following transactions, all of which were consistent with its legally adopted cash‐based budget:

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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