§ 42-24. Deposit and audit of funds; publication of financial statement; inspection of records.

(a) Unless otherwise provided in the resolution authorizing any issue of bonds, or unless otherwise provided by the trust indenture that secures the bonds, all moneys received by the Authority must be paid to the treasurer of the Authority. These moneys must be deposited by the treasurer in one or more banks or trust companies in one or more special accounts. Each special account, to the extent not insured, must 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 at all times, exclusive of accrued interest, of at least the balance of deposits in the account. The securities must either be deposited with the treasurer, or be held by a trustee or agent approved by the Authority. All banks and trust companies are authorized to give such security for such deposits. The moneys in the accounts must be paid on the warrant or other order of the chairperson of the Authority, or any other person that the Authority authorizes to execute the warrants or orders.

(b) The Authority must have an annual examination of its books, accounts, and records by a certified public accountant. A copy of the audit must be delivered to the Executive and to any other person named to receive the audit in the resolution authorizing the issuance of the bonds or in the trust indenture that secures them. If the Authority fails to make the audit, then the Executive or designee may 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, operations, and affairs.

(c) The County Attorney has the right to examine the books, accounts, and records of the Authority.

(d) A financial statement of the Authority must be published annually in a newspaper of general circulation in the County. If the publication is not made by the Authority, the Executive or designee must publish the statement at the Authority's expense. (1992 L.M.C., ch. 35, § 2.)