Court Opinions

State Laws

US Code

US Constitution

Moneys of authority - 64 Pa. Cons. Stat. § 6012

Legal Research Home > Pennsylvania Statutes

     § 6012.  Moneys of authority.
        (a)  Paid to treasurer.--Unless otherwise provided by law,
     all money of the authority from whatever source derived shall be
     paid to the treasurer of the authority.
        (b)  Funds to be invested.--The board shall invest authority
     funds consistent with sound business practice.
        (c)  Investment program.--The board shall provide for an
     investment program subject to restrictions contained in any of
     the following:
            (1)  This chapter.
            (2)  Any other applicable statute.
            (3)  Any rules and regulations adopted by the board.
        (d)  Authorized types of investments.--
            (1)  Authorized types of investments for authority funds
        shall be all of the following:
                (i)  Direct obligations of or obligations guaranteed
            by the United States of America.
                (ii)  Any bond, debenture, note, participation
            certificate or other similar obligation issued by any one
            or combination of the following agencies:
                    (A)  Government National Mortgage Corporation.
                    (B)  Federal Land Banks.
                    (C)  Federal Home Loan Banks.
                    (D)  Federal Intermediate Credit Banks.
                    (E)  Banks for Cooperatives.
                    (F)  The Tennessee Valley Authority.
                    (G)  The United States Postal Service.
                    (H)  The Farmers Home Administration.
                    (I)  The Student Loan Marketing Association.
                    (J)  The Export-Import Bank of the United States.
                (iii)  Any bond, debenture, note, participation
            certificate or other similar obligation issued by the
            Federal National Mortgage Corporation to the extent the
            obligations are guaranteed by the Government National
            Mortgage Corporation or issued by any other Federal
            agency and backed by the full faith and credit of the
            United States of America.
                (iv)  Deposits in interest-bearing time or demand
            deposits, or certificates of deposit, fully insured by
            the Federal Deposit Insurance Corporation or its
            successor or the Federal Savings and Loan Insurance
            Corporation or its successor or fully secured by any of
            the obligations described above to the extent not so
            insured.
                (v)  Repurchase agreements relating to or investment
            agreements secured by, or providing for the acquisition
            and resale of, obligations described in subparagraphs (i)
            through (iv) or obligations of Federal Home Loan Mortgage
            Corporation or Federal National Mortgage Association,
            with:
                    (A)  banks or trust companies, including any
                banking entity or depository;
                    (B)  brokers or broker-dealers registered under
                the Securities Exchange Act of 1934 (48 Stat. 881, 15
                U.S.C. §§ 78a-78jj) acceptable to the authority; or
                    (C)  insurance companies rated A+ or better by
                Best's having a net capital and surplus of at least
                $25,000,000 or certificates of deposit with banks or
                trust companies fully secured as to principal and
                accrued interest by obligations described in
                subparagraphs (i) through (iv) deposited with or
                subject to the control of the authority.
                (vi)  Money market deposit accounts of banks or trust
            companies having a net capital and surplus of at least
            $25,000,000, including any banking entity or depository.
            (2)  The description of authorized investments as set
        forth in paragraph (1)(v) and (vi) shall only be met if the
        agreements referenced in paragraph (1)(v) and (vi) provide
        for the repayment of the principal amount invested at an
        amount not less than that invested. Whenever security is
        required as set forth in paragraph (1)(iv) through (vi),
        security shall be deposited with the treasurer of the
        authority or be held by a trustee or agent satisfactory to
        the authority. Money of the authority shall be paid out on
        the warrant or other order of the chairman of the authority
        or of any other person the authority authorizes to execute
        the warrants or orders.
        (e)  Annual report to be filed; annual audits.--Within 90
     days following the end of the fiscal year, an authority shall
     file an annual report with the Department of Community and
     Economic Development, the chairman and minority chairman of the
     Appropriations Committee of the Senate and the chairman and
     minority chairman of the Appropriations Committee of the House
     of Representatives and with the city which shall make provisions
     for the accounting of revenue and expenses. The authority shall
     have its books, accounts and records audited annually in
     accordance with generally accepted auditing standards by an
     independent auditor who shall be a certified public accountant
     or competent public accountant, and a copy of the audit report
     shall be attached to and be made a part of the annual report. A
     concise financial statement shall be published annually in the
     Pennsylvania Bulletin. If the authority fails to make an audit,
     then the controller, auditors or accountants designated by the
     city are 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
     any other matters relating to its finances, operations and
     affairs.
        (f)  Power of inspection.--The Attorney General, Auditor
     General, Secretary of the Budget and the chairman and minority
     chairman of the Appropriations Committee of the Senate and the
     chairman and minority chairman of the Appropriations Committee
     of the House of Representatives shall have the right to examine
     the books, accounts and records of the authority.

        Cross References.  Section 6012 is referred to in section
     6006 of this title.

Last modified: November 27, 2007