(a)Payment to treasurer.--All money of the authority shall be paid to the treasurer of the authority.
(b)Investment of money.--The board shall invest authority money consistent with sound business practice.
(c)Investment program.--The board shall provide for an investment program subject to restrictions contained in this subchapter, any other applicable statute and rules or regulations adopted by the board.
(d)Authorized types of investments.--Authorized types of investments for authority money shall be:
(1)Direct obligations of or obligations guaranteed by the United States.
(2)A bond, debenture, note, participation certificate or other similar obligation issued by any one or a combination of the following agencies:
(i)Government National Mortgage Corporation.
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(a) Payment to treasurer.--All money of the authority shall be paid to the treasurer of the authority.
(b) Investment of money.--The board shall invest authority money consistent with sound business practice.
(c) Investment program.--The board shall provide for an investment program subject to restrictions contained in this subchapter, any other applicable statute and rules or regulations adopted by the board.
(d) Authorized types of investments.--Authorized types of investments for authority money shall be:
(1) Direct obligations of or obligations guaranteed by the United States.
(2) A bond, debenture, note, participation certificate or other similar obligation issued by any one or a combination of the following agencies:
(i) Government National Mortgage Corporation.
(ii) Federal Land Banks.
(iii) Federal Home Loan Banks.
(iv) Federal Intermediate Credit Banks.
(v) Banks for Cooperatives.
(vi) Tennessee Valley Authority.
(vii) United States Postal Service.
(viii) Farmers Home Administration.
(ix) Student Loan Marketing Association.
(x) Export-Import Bank of the United States.
(3) A bond, debenture, note, participation certificate or other similar obligation issued by the Federal National Mortgage Corporation to the extent the obligations are guaranteed by the Government National Mortgage Corporation or issued by another Federal agency and backed by the full faith and credit of the United States.
(4) Deposits in interest-bearing time or demand deposits or certificates of deposit fully insured by the Federal Deposit Insurance Corporation or its successors or the Federal Savings and Loan Insurance Corporation or its successors or fully secured by any of the obligations described in paragraphs (1), (2) and (3) to the extent not so insured.
(5) Repurchase agreements relating to, or investment agreements secured by or providing for the acquisition of and, if applicable, the resale of, obligations described in paragraphs (1), (2), (3) and (4) or obligations of the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association with:
(i) banks or trust companies, which may include a banking entity or depository;
(ii) brokers or broker-dealers registered under the Securities Exchange Act of 1934 (48 Stat. 881, 15 U.S.C. §§ 78a-78jj) acceptable to the authority; or
(iii) insurance companies rated A+ or better by Best's and having a net capital and surplus of at least $25,000,000 or certificates of deposit with banks or trust companies fully secured as to principal and accrued interest by obligations described in paragraphs (1), (2), (3) and (4) deposited with or subject to the control of the authority.
(6) Money market deposit accounts of banks or trust companies having a net capital and surplus of at least $25,000,000, which may include a banking entity or depository.
(7) The description of authorized investments under paragraphs (5) and (6) shall be met only if the agreements referenced in paragraph (5) or (6) provide for the repayment of the principal amount invested at an amount not less than that invested. If security is required under paragraph (4), (5) or (6), the security shall be deposited with the treasurer of the authority or be held by a trustee or agent satisfactory to the authority. Money of the authority shall be paid out on the warrant or other order of the chairperson of the authority or other person as the authority may authorize to execute warrants or orders.
(e) Annual report and audit.--An authority created under this subchapter shall file an annual report with the Department of Community and Economic Development, with the county and with the political subdivision constituting the county seat, which shall make provisions for the accounting of revenues and expenses. Authority books, accounts and records shall be audited annually in accordance with generally accepted auditing standards by an independent auditor who shall be a certified public accountant and a copy of the audit report shall be attached to and be made a part of the annual report. A concise financial statement shall be published annually in a newspaper of general circulation in the county in which the authority is located.
(f) Power of inspection.--The Attorney General, the Auditor General, the Secretary of the Budget, the chairperson and minority chairperson of the Appropriations Committee of the Senate and the chairperson and minority chairperson of the Appropriations Committee of the House of Representatives shall have the right to examine the books, accounts and records of the authority.