§ 5510. Money of authority
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: June 19, 2001
Effective: June 19, 2001
53 Pa.C.S.A. § 5510
§ 5510. Money of authority
(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.
(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.
Credits
2001, June 19, P.L. 287, No. 22, § 1, imd. effective.
53 Pa.C.S.A. § 5510, PA ST 53 Pa.C.S.A. § 5510
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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