2.2-2272 - Moneys of Authority; audit.
§ 2.2-2272. Moneys of Authority; audit.
All moneys of the Authority, from whatever source derived, shall be paid tothe treasurer of the Authority. Such moneys shall be deposited in the firstinstance by the treasurer in one or more banks or trust companies, in one ormore special accounts, and each of such special accounts shall becontinuously secured by a pledge of direct obligations of the United Statesor of the Commonwealth, having an aggregate market value, exclusive ofaccrued interest, at all times at least equal to the balance on deposit insuch account. Such securities shall either be deposited with the treasurer orbe held by a trustee or agent satisfactory to the Authority. All banks andtrust companies are authorized to give such security for such deposits. Themoneys in such accounts shall be paid out on the warrant or other order ofthe treasurer of the Authority, or of such other persons as the Authority mayauthorize to execute such warrants or orders.
The Auditor of Public Accounts or his legally authorized representatives mayexamine the accounts and books of the Authority, including its receipts,disbursements, contracts, leases, sinking funds, investments, and any othermatters relating to its finances, operation and affairs.
(1981, c. 569, § 2.1-234.26; 2001, c. 844.)