Theodore R. McKeldin, Governor                    659

corporation entering into such contract with the Authority will pay
for all materials furnished and services rendered for the perform-
ance of the contract, and that any person or corporation furnishing
such materials or rendering such services may maintain an action
to recover for the same against the obligor in the undertaking as
though such person or corporation was named therein, provided the
(action is brought within three (3) years ONE (1) YEAR after the
cause of action accrued. Nothing in this section stall be construed, to
limit the power of the Authority to construct any project, or portion
thereof, or any addition, betterment, or extension thereto, direct by
the officers, agents, and employees of the Authority, or by agreement
with the Federal and State governments, or any agency or department
of either. Subject to the aforesaid, the Authority may (but without
intending by this provision to limit any powers of such Authority)
enter into and carry out such contracts, or establish or comply with
such rules and regulations concerning labor and materials and other
related matters in connection with any project, or portion thereof
as the Authority may deem desirable, or as may be requested by any
Federal agency that may assist in the financing of such project or
any part thereof.

14. (Deposit and Audit of Funds)—Unless otherwise provided
in the resolution authorizing any issue of bonds under this Act, 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. Said
moneys shall be deposited in the first instance by the treasurer in one
or more banks or trust companies in one or more special accounts,
and each of such special accounts to the extent the same is not in-
sured shall be continuously secured by a pledge of the direct obliga-
tions of the United States of America, of the State of Maryland or
of the County, having an aggregate market value, exclusive of ac-
crued 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 Au-
thority. 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 Council of Montgomery County and to such other
persons named to receive such audit in the resolution which auth-
orized 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
Montgomery County. If such publication is not made by the Auth-
ority, the County Council of Montgomery County shall publish such
statement at the expense of the Authority. If the Authority fails to
make such audit, then the Director of Finance of Montgomery County
COUNTY MANAGER OF MONTGOMERY COUNTY OR HIS DES-
IGNATED AGENTS may be designated and empowered by the
County Council of Montgomery County from time to time to examine,
at the expense of the Authority, the amounts and books of the Author-
ity, including its receipts, disbursements, contacts, leases, sinking
funds, investment, and any other matters relating to its finances,