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      moneys shall be withdrawn on the order of the person authorized by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