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MARVIN MANDEL, Governor 563
AUTHORITY IS AUTHORIZED TO REIMBURSE THE ACQUIRING AGENCY
FOR RELOCATION PAYMENTS MADE BY IT.
68. RELOCATION OF PUBLIC OR PUBLIC UTILITY FACILITIES.
NOTWITHSTANDING THE PROVISIONS OF §67 OF THIS
ARTICLE XV, ANY HIGHWAY OR OTHER PUBLIC FACILITY OR ANY
FACILITIES OF A PUBLIC UTILITY COMPANY WHICH WILL BE
DISLOCATED BY REASON OF A PROJECT DEEMED NECESSARY BY THE
BOARD TO EFFECTUATE THE AUTHORIZED PURPOSES OF THIS TITLE
SHALL BE RELOCATED IF SUCH FACILITIES ARE DEVOTED TO A
PUBLIC USE, AND THE REASONABLE COST OF RELOCATION, IF
SUBSTITUTE FACILITIES ARE NECESSARY, SHALL BE PAID BY THE
BOARD FROM ANY OF ITS MONEYS.
ARTICLE XVI
GENERAL PROVISIONS
69. CREATION AND ADMINISTRATION OF FUNDS.
(A) THE BOARD MAY PROVIDE FOR THE CREATION AND
ADMINISTRATION OF SUCH FUNDS AS MAY BE REQUIRED. THE
FUNDS SHALL BE DISBURSED IN ACCORDANCE WITH RULES
ESTABLISHED BY THE BOARD AND ALL PAYMENTS FROM ANY FUND
SHALL BE REPORTED TO THE BOARD. MONEYS IN SUCH FUNDS
AND OTHER MONEYS OF THE AUTHORITY SHALL BE DEPOSITED, AS
DIRECTED BY THE BOARD, IN ANY STATE OR NATIONAL BANK
LOCATED IN THE ZONE HAVING A TOTAL PAID-IN CAPITAL OF AT
LEAST ONE MILLION DOLLARS ($1,000,000). THE TRUST
DEPARTMENT OF ANY SUCH STATE OR NATIONAL BANK MAY BE
DESIGNATED AS A DEPOSITARY TO RECEIVE ANY SECURITIES
ACQUIRED OR OWNED BY THE AUTHORITY. THE RESTRICTION
WITH RESPECT TO PAID-IN CAPITAL MAY BE WAIVED FOR ANY
SUCH BANK WHICH AGREES TO PLEDGE FEDERAL SECURITIES TO
PROTECT THE FUNDS AND SECURITIES OF THE AUTHORITY IN SUCH
AMOUNTS AND PURSUANT TO SUCH ARRANGEMENTS AS MAY BE
ACCEPTABLE TO THE BOARD.
(B) ANY MONEYS OF THE AUTHORITY MAY, IN THE
DISCRETION OF THE BOARD AND SUBJECT TO ANY AGREEMENT OR
COVENANT BETWEEN THE AUTHORITY AND THE HOLDERS OF ANY OF
ITS OBLIGATIONS LIMITING OR RESTRICTING CLASSES OF
INVESTMENTS, BE INVESTED IN BONDS OR OTHER OBLIGATIONS
OF, OR GUARANTEED AS TO INTEREST AND PRINCIPAL BY, THE
UNITED STATES, MARYLAND, VIRGINIA OR THE POLITICAL
SUBDIVISIONS OR AGENCIES THEREOF.
70. ANNUAL INDEPENDENT AUDIT.
(A) AS SOON AS PRACTICAL AFTER THE CLOSING OF THE
FISCAL YEAR, AN AUDIT SHALL BE MADE OF THE FINANCIAL
ACCOUNTS OF THE AUTHORITY. THE AUDIT SHALL BE MADE BY
QUALIFIED CERTIFIED PUBLIC ACCOUNTANTS SELECTED BY THE
BOARD, WHO SHALL HAVE NO PERSONAL INTEREST DIRECT OR
INDIRECT IN THE FINANCIAL AFFAIRS OF THE AUTHORITY OR ANY
OF ITS OFFICERS OR EMPLOYEES. THE REPORT OF AUDIT SHALL
BE PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED
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