Section 1937. Moneys of the authority

1. All moneys of the authority shall
  be paid to the city as  agent  thereof  and  the  city  shall  designate
  depositories  which  shall  not  commingle  such  moneys  with any other
  moneys. The moneys shall be deposited in  a  separate  bank  account  or
  accounts. The moneys in such accounts shall be paid out on checks of the
  authority  signed  by  the treasurer of the city or such other person or
  persons as shall be mutually agreed to by the authority  and  the  city,
  upon the requisition of the chairman of the authority.
    2. At the end of every fiscal year, the authority shall pay all excess
  funds  to  the  city  for  its  use.  The  term  excess funds shall mean
  authority monies not required for the authority's  budget  in  the  next
  fiscal  year. In addition, the authority, with the consent of a majority
  of the common council in office, can retain funds in a  special  capital
  account  as  a reserve fund for possible future capital projects such as
  major  repairs,  reconstruction  or  renovation  of  the  civic  center,
  additional  equipment or replacement of existing fixtures and equipment.
  The size of the capital account shall  be  mutually  agreed  to  by  the
  authority  and  the  city,  and no funds shall be expended from the said
  capital account without the consent of a majority of the common  council
  in office.
    3.   The   auditor   for   the   city   or  other  legally  authorized
  representatives of the city are authorized and empowered  from  time  to
  time  to  examine the accounts and books of the authority, including its
  receipts, disbursements, contracts, leases, sinking  funds,  investments
  and any other records and papers relating to its financial standing.
    4.  The authority shall be required to submit the following reports to
  the mayor, city treasurer and members of the  common  council  on  forms
  approved by the city:
    (a)  Quarterly  financial  statements  setting  forth  all  income and
  expenses for the preceding quarter.  Said  quarterly  reports  shall  be
  submitted within fifteen days after the end of the three month period.
    (b)  Complete  financial reports of the authority's activities for the
  preceding year shall be submitted within sixty days after the  close  of
  each fiscal year.
    (c)  The authority shall have a complete financial audit prepared by a
  qualified, certified public accountant after the close  of  each  fiscal
  year,  and  a copy shall be completed and distributed within ninety days
  after the close of each fiscal year.
    5. The authority's fiscal year shall coincide with the fiscal year  of
  the city.