§ 160A-559. Moneys of the authority. - North Carolina Statutes

§ 160A‑559.  Moneysof the authority.

All moneys of the authority shall be paid to the treasurer of the cityas agent of the authority, who shall designate depositories and who shall notcommingle such moneys with any other moneys. Such moneys shall be deposited ina separate bank account or accounts. The moneys in such accounts shall be paidout on checks of the treasurer on written requisition of the chairman of theauthority or of such other person or persons as the authority may authorize tomake such requisitions. All deposits of such moneys shall be secured in themanner provided by law for securing deposits of moneys of the city. The cityaccountant of the city and his legally authorized representatives areauthorized and empowered from time to time to examine the accounts and books ofthe authority, including its receipts, disbursements, contracts, leases,sinking funds, investments and any other records and papers relating to itsfinancial standing. The authority shall cause an annual audit of its accountsto be made by a certified public accountant or firm of certified publicaccountants, and shall cause a copy of the report of each such audit to befiled with the city clerk, who shall present the same to the city council. Theauthority shall have power, notwithstanding the provisions of this section tocontract with the holders of any of its bonds as to the custody, collection,securing, investment and payment  of any moneys of the authority or any moneysheld in trust or otherwise for the payment of bonds or in any way to securebonds, and to carry out any such contract notwithstanding that such contractmay be inconsistent with the previous provisions of this section. Moneys heldin trust or otherwise for the payment of bonds or in any way to secure bondsand deposits of such moneys may be secured in the same manner as moneys of theauthority, and all banks and trust companies are authorized to give suchsecurity for such deposits. (1951, c. 779, s. 10; 1979, 2nd Sess., c. 1247, s. 44.)