13-1243.   Same; contracts; rentals; conditions and safeguards; annualaudit, filing.The governing body of such city is hereby empowered and authorized toenter into an agreement in writing with any person, firm or corporationto erect and construct on its public levee, improvements and facilitiesauthorized and mentioned in this act and lease the same for a term ofnot to exceed ninety-nine (99) years for such rental and upon such conditionsas in the judgment of such governing body will be to the best interestof such city, provided the rent fixed by any such agreement and leaseshall be sufficient to liquidate and pay all expenses of the cityconnected therewith and the principal and interest of all revenue bondsissued or to be issued to pay the full cost of such improvements andfacilities so leased. The governing body ofany such city shall observe the following conditions and safeguards:

      (a)   All authorized and executed leases, agreements or documents,photostatic or sworn copies thereof concerning construction, alteration,repairs or terms of rental of any public levee, in whole or in part andimprovements thereon, shall be filed with the city clerk of any suchcity and shall be open to public inspection; and

      (b)   the governing body of each city which has issuedrevenue bonds for the improvement of any public levee, shallcause an audit to be madeannually by a licensed municipal public accountant or certified publicaccountant of the operations of any revenue-producing public levee in thisstate. Within one year after the end of the audit period of the audit, acopy of the audit report shall be filed with theclerk of such city and shall be open to public inspection.

      History:   L. 1933, ch. 43, § 6 (Special Session); L. 1945, ch.117, § 1; L. 1980, ch. 64, § 3; July 1.