257C.9 - MONEYS OF THE AUTHORITY.
257C.9 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moneys shall be withdrawn on the order of the person authorized by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 is
not required to pay a fee for the examination.
2. The authority may contract with the holders of its bonds 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, and to carry out the contract. Moneys held in
trust or otherwise for the payment of bonds or in any way to secure
bonds 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 a contract with bondholders, 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: Recent Form
85 Acts, ch 34, §9
CS85, § 442A.9
C93, § 257C.9
94 Acts, ch 1023, §46; 2003 Acts, ch 145, § 286