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ROBERT L. EHRLICH, JR., Governor
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Ch. 275
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5-1709.
(A) (1) THE AUTHORITY MAY CREATE, CONTINUE, AND ADMINISTER ANY
FUNDS THAT IT REQUIRES.
(2) MONEY IN THESE FUNDS AND OTHER MONEY OF THE AUTHORITY
SHALL BE DEPOSITED, AS THE AUTHORITY DIRECTS, IN ANY STATE OR NATIONAL
BANK, OR FEDERALLY OR STATE INSURED SAVINGS AND LOAN ASSOCIATIONS
LOCATED IN THE STATE HAVING A TOTAL PAID-IN CAPITAL OF AT LEAST $1,000,000.
(3) THE TRUST DEPARTMENT OF ANY STATE OR FEDERAL BANK OR
SAVINGS AND LOAN ASSOCIATION MAY BE DESIGNATED AS A DEPOSITORY TO
RECEIVE ANY SECURITIES THAT THE AUTHORITY ACQUIRES OR OWNS.
(B) EXCEPT AS OTHERWISE PROVIDED IN AN AGREEMENT OR COVENANT
BETWEEN THE AUTHORITY AND THE HOLDERS OF ANY OF ITS OBLIGATIONS
LIMITING OR RESTRICTING CLASSES OF INVESTMENTS, THE AUTHORITY MAY
INVEST ITS MONEY IN BONDS OR OTHER OBLIGATIONS OF, OR GUARANTEED AS TO
PRINCIPAL AND INTEREST BY, THE UNITED STATES, THE STATE, OR THEIR POLITICAL
SUBDIVISIONS OR UNITS.
(C) (1) THE AUTHORITY SHALL ESTABLISH A PROVISION FOR A SYSTEM OF
FINANCIAL ACCOUNTING, CONTROLS, AUDITS, AND REPORTS.
(2) THE FISCAL YEAR OF THE AUTHORITY IS JULY 1 TO JUNE 30.
(D) (1) AS SOON AS PRACTICAL AFTER THE CLOSE OF THE FISCAL YEAR, AN
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT SHALL AUDIT THE FINANCIAL
BOOKS, RECORDS, AND ACCOUNTS OF THE AUTHORITY.
(2) THE AUTHORITY'S FINANCE COMMITTEE SHALL SELECT AN
ACCOUNTANT TO CONDUCT THE AUDIT WHO:
(I) IS LICENSED TO PRACTICE ACCOUNTANCY IN THE STATE;
(II) IS EXPERIENCED AND QUALIFIED IN THE ACCOUNTING AND
AUDITING OF PUBLIC BODIES; AND
(III) DOES NOT HAVE A DIRECT OR INDIRECT INTEREST IN THE
FISCAL AFFAIRS OF THE AUTHORITY.
(3) (I) THE ACCOUNTANT SHALL REPORT THE RESULTS OF THE
AUDIT, INCLUDING THE ACCOUNTANT'S UNQUALIFIED OPINION ON THE
PRESENTATION OF THE FINANCIAL POSITION OF THE FUNDS OF THE AUTHORITY
AND THE RESULTS OF THE FINANCIAL OPERATIONS OF THE AUTHORITY.
(II) IF THE ACCOUNTANT CANNOT EXPRESS AN UNQUALIFIED
OPINION, THE ACCOUNTANT SHALL EXPLAIN IN DETAIL THE REASONS FOR THE
QUALIFICATIONS, DISCLAIMERS, OR OPINIONS, INCLUDING RECOMMENDATIONS OF
CHANGES WHICH COULD MAKE FUTURE UNQUALIFIED OPINIONS POSSIBLE.
(E) THE STATE MAY AUDIT THE BOOKS, RECORDS, AND ACCOUNTS OF THE
AUTHORITY.
- 1367 -
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