§ 40-33.1-08 — Moneys of the authority

North Dakota § 40-33.1-08

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-33.1: Municipal Steam Heating Authorities

Text

All moneys of an authority shall be paid to the city auditor as agent of the authority, who
shall not commingle such moneys with any other moneys. Such moneys shall be deposited in a
separate bank account or accounts. The moneys in such accounts shall be paid out by the
auditor on requisition of the chairman of the authority or of such other person or persons as the
authority may authorize to make such requisitions after audit by the auditor. All deposits of such
moneys shall, if required by the auditor or the authority, be secured by obligations of the United
States or of the state of North Dakota of a market value equal at all times to the amount of the
deposit, and all banks and trust companies are authorized to give such security for such
deposits. The auditor and the auditor's 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, sinking funds, investments, and any other records
and papers relating to its financial standing. An authority shall have power, notwithstanding the
provisions of this section, to contract with the holders of any of its notes as to the custody,
collection, securing, investment, and payment of any moneys of the authority, or any moneys
held in trust or otherwise for the payment of notes or in any way to secure notes, and to carry
out any such contract notwithstanding that such contract may be inconsistent with the previous
provisions of this section. Moneys held in trust or otherwise for the payment of notes or in any
way to secure notes and deposits of such moneys may be acquired in the same manner as
moneys of the authority, and all banks and trust companies are authorized to give such security
for such deposits.