§ 5510. Money of authority.

428 words·~2 min read·/pa/title-53/chapter-55/5510

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Treasurer.--

(1)Except as otherwise provided in this chapter, all money of an authority from whatever source derived shall be paid to the treasurer of the authority.

(2)The money shall be deposited in the first instance by the treasurer at the direction of the authority:

(i)in one or more banks or bank and trust companies in one or more special accounts; or

(ii)under savings contracts in savings associations in one or more special accounts.

(3)Each special account under paragraph

(2)to the extent the account is not insured shall be continuously secured by a pledge of direct obligations of the United States of America, of the Commonwealth or of the parent municipality having an aggregate market value exclusive of accrued interest at all times at least equal to the balance on deposit in the account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the authority. All banks, bank and trust companies and savings associations are authorized to give such security for such deposits. The money in the special accounts shall be paid out on the warrant or other order of the chair of the authority or of such other person the authority authorizes to execute the warrants or orders.

(4)In the case of money collected or received by the authority on behalf of a municipality under section 5505(d)(21) (relating to purposes and powers), the money shall be pledged to the use of the municipality and disbursed to the municipality as provided by ordinance or resolution.

(b)Audit.-- An authority shall have at least an annual examination of its books, accounts and records by a certified public accountant. A copy of the audit shall be delivered to the parent municipality.

(c)Financial statement.-- A concise financial statement shall be published annually at least once in a newspaper of general circulation in the municipality where the principal office of the authority is located. If publication is not made by the authority, the municipality shall publish such statement at the expense of the authority. If the authority fails to make the audit, then the controller, auditor or accountant designated by the municipality is authorized to examine at the expense of the authority the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and other matters relating to its finances, operation and affairs.

(d)Attorney General.-- The Attorney General shall have the right to examine the books, accounts and records of an authority.

53c5510.1s