§ 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.