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Money of authority - 53 Pa. Cons. Stat. § 5510

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     § 5510.  Money of authority.
        (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.

Last modified: November 27, 2007