Section 580. Moneys of the authority  


Latest version.
  • Subject to the provisions of any
      agreement with the holders of any bonds or notes of the authority  which
      may  provide  otherwise,  and except as otherwise provided or authorized
      herein, all moneys of the authority from whatever source  derived  shall
      be  paid  to the treasurer and shall be deposited forthwith in a bank or
      banks designated by the authority. The moneys in such accounts shall  be
      withdrawn  on  the  order of such person or persons as the authority may
      authorize. All  deposits  of  such  money  shall,  if  required  by  the
      authority, be secured in such manner as the authority may determine. The
      treasurer  of  the county and his legally authorized representatives are
      authorized and empowered from time to time to examine the  accounts  and
      books   of   the   authority,  including  its  receipts,  disbursements,
      contracts, leases, reserves, sinking funds, investments  and  any  other
      records and papers relating to its financial standing, or to accept from
      the  authority,  in lieu of such an examination, an external examination
      of its books and accounts made at the request of the authority.
        Notwithstanding the foregoing provisions of this section or any  other
      provision  of  this  title to the contrary, the authority shall have the
      power to contract with the holders of any of its bonds or  notes  as  to
      the custody, collection, securing, investment, and payment of any moneys
      of  the  authority, whether held in trust or otherwise, and to carry out
      such contract, and the provisions of such contract shall  supersede  any
      provisions  of  this  chapter which are contrary thereto or inconsistent
      therewith.