175.22 - MONEYS OF THE AUTHORITY.
175.22 MONEYS OF THE AUTHORITY.
1. Moneys of the authority, 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moneys shall be withdrawn on the order of the person authorized by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 be secured in the manner determined by
the authority. The auditor of state or 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, 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
[C81, § 175.22] Section History: Recent Form
88 Acts, ch 1158, §46; 2003 Acts, ch 145, §286