16.31 - MONEYS OF THE AUTHORITY.
16.31 MONEYS OF THE AUTHORITY.
1. Moneys of the authority from whatever source derived, except
as otherwise provided in this chapter, shall be paid to the authority
and shall be deposited in a bank or other financial institution
designated by the authority. The moneys shall be withdrawn on the
order of the person authorized by the authority. Deposits shall, if
required by the authority, be secured in the manner determined by the
authority. The auditor of state and the auditor's legally authorized
representatives may periodically examine the accounts and books of
the authority, including its receipts, disbursements, contracts,
leases, sinking funds, investments and any other records and papers
relating to its financial standing, and the authority shall not be
required to pay a fee for the examination.
2. The authority may contract with holders of its bonds or notes
as to the custody, collection, security, investment, and payment of
moneys of the authority, of moneys held in trust or otherwise for the
payment of bonds or notes, and to carry out the contract. Moneys held
in trust or otherwise for the payment of bonds or notes or in any way
to secure bonds or notes and deposits of the moneys may be secured in
the same manner as moneys of the authority, and banks and trust
companies may give security for the deposits.
3. Subject to the provisions of any contract with bondholders or
noteholders and to the approval of the director of the department of
administrative services, the authority shall prescribe a system of
accounts.
4. The authority shall submit to the governor, the auditor of
state, the department of management, and the department of
administrative services, within thirty days of its receipt by the
authority, a copy of the report of every external examination of the
books and accounts of the authority other than copies of the reports
of examinations made by the auditor of state. Section History: Early Form
[C77, 79, 81, § 220.31] Section History: Recent Form
88 Acts, ch 1158, §51
C93, § 16.31
2003 Acts, ch 145, §286
Referred to in § 16.133A, 455B.295