5-1132. General fund; investments
(Conditionally Rpld.)
A. The authority shall maintain a general fund and may establish accounts and
subaccounts within the general fund as necessary and convenient. All revenues and monies
received by the authority shall initially be deposited in the general fund.
B. The authority may invest any unexpended monies in the fund as provided in title
35, chapter 2. Interest and other income from investments of monies in any account shall
be credited to that account except as otherwise provided by law.
C. The authority's investments must mature when the fund assets will be required
for the purposes of this chapter. If the liquid assets in the fund or any account or
subaccount become insufficient to meet the statutory obligations, the authority board
shall direct the authority's fiscal agent to liquidate sufficient securities to meet all
of the current obligations and immediately notify the district board of directors and the
auditor general of the insufficiency. The auditor general shall investigate and audit the
circumstances surrounding the depletion of the fund, account or subaccount and report the
findings to the authority board and the board of directors.
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