§ 9-1-115. DISPOSITION AND AUDIT OF FUNDS.

Unless otherwise provided in the resolution authorizing any issue of bonds under this article or unless otherwise provided by the indenture of trust which secures such bonds, all moneys received by the authority from whatever source derived shall be paid to the treasurer of the authority. Such moneys shall be deposited in the first instance by the treasurer in one (1) or more banks or trust companies in one (1) or more special accounts, and each of such special accounts to the extent the same is not insured shall be continuously secured by a pledge of the direct obligations of the United States of America, of the state, or of the county, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the authority. All banks and trust companies are authorized to give such security for such deposits. The moneys in said accounts shall be paid out on the warrant or other order of the chairman of the authority or of such other person or persons as the authority may authorize to execute such warrants or orders. The authority shall have an annual examination of its books, accounts, and records by a certified public accountant. A copy of such audit shall be delivered to the county and to such other persons named to receive such audit in the resolution which authorized the issuance of the bonds or in the trust indenture which secures them. A concise financial statement of the authority shall be published annually, in a newspaper of general circulation in the county. If such application is not made by the authority, the county shall publish such statement at the expense of the authority. If the authority fails to make such audit, then the Director of Budget and Finance may be designated and empowered by the county from time to time to examine, at the expense of the authority, the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other matters relating to its finances, operation, and affairs. The County Attorney shall have the right to examine the books, accounts, and records of the authority.

(1988 Code, § 30-15) (Bill No. 49-96, § 17, 7-1-1996; Bill No. 48-02, § 1, 7-1-2004)