Section 2399.13 - Moneys of authority(a) All moneys of the authority, from whatever source derived, shall be paid to the treasurer of the authority.(b) The board shall invest authority funds consistent with sound business practice.(c) The board shall provide for an investment program subject to restrictions contained in this subdivision and in any other applicable statute and in rules or regulations adopted by the board.(d) Authorized types of investments for authority funds shall be:(1) Direct obligations of or obligations guaranteed by the United States.(2) A bond, debenture, note, participation certificate or other similar obligation issued by any one or combination of the following agencies: Government National Mortgage Corporation, Federal Land Banks, Federal Home Loan Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, Tennessee Valley Authority, United States Postal Service, Farmers Home Administration, Student Loan Marketing Association and Export-Import Bank of the United States.(3) A bond, debenture, note, participation certificate or other similar obligation issued by the Federal National Mortgage Corporation to the extent such obligations are guaranteed by the Government National Mortgage Corporation or issued by another Federal agency and backed by the full faith and credit of the United States.(4) Deposits in interest-bearing time or demand deposits or certificates of deposit fully insured by the Federal Deposit Insurance Corporation or its successors or the Federal Savings and Loan Insurance Corporation or its successors or fully secured by any of the obligations described above to the extent not so insured.(5) Repurchase agreements relating to, or investment agreements secured by or providing for the acquisition of and, if applicable, resale of, obligations described in clauses (1) through (4) or obligations of the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association with: (i) banks or trust companies, which may include a banking entity or depository;(ii) 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(iii) insurance companies rated A+ or better by Best's and having a net capital and surplus of at least twenty-five million dollars ($25,000,000) or certificates of deposit with banks or trust companies fully secured as to principal and accrued interest by obligations described in clauses (1) through (4) deposited with or subject to the control of the authority.(6) Money market deposit accounts of banks or trust companies having a net capital and surplus of at least twenty-five million dollars ($25,000,000), which may include a banking entity or depository.(7) The description of authorized investments as set forth in clauses (5) and (6) shall be met only if the agreements referenced therein provide for the repayment of the principal amount invested at an amount not less than that so invested. Whenever security is required as set forth in clauses (4) through (6), the security shall be deposited with the treasurer of the authority or be held by a trustee or agent satisfactory to the authority. Moneys of the authority shall be paid out on the warrant or other order of the chairman of the authority or of such other person or persons as the authority may authorize to execute warrants or orders.(e) An authority created under this subdivision shall file an annual report with the Department of Community and Economic Development and with the county and political subdivision constituting the county seat, which shall make provisions for the accounting of revenues 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, and a copy of his audit report shall be attached to and be made a part of the annual report. A concise financial statement shall be published annually in a newspaper of general circulation in the county where the authority is located.(f) 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 the 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.1955, Aug. 9, P.L. 323, No. 130, § 2399.13, added 1999, Nov. 3, P.L. 461, No. 42, § 3, imd. effective.