Pennsylvania Statutes Title 24 P.S. Education § 5510. Moneys of the authority

All moneys of the authority from whatever source derived shall be paid to such depositories and in such manner as the authority shall direct. Said moneys shall be deposited in the first instance by the treasurer in one or more banks or trust companies in one or more special accounts, and each of such special accounts shall be continuously secured by a pledge to the extent such moneys are not insured by a Federal agency, of direct obligations of the United States of America, or of the Commonwealth, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account, demand or time, or represented by certificates of deposit. Such securities either shall be deposited with the treasurer, or shall be held by a trustee or agent satisfactory to the authority. All banks and trust companies are authorized to give such security for such deposits. The moneys in said accounts shall be paid out by check or on the warrant or other order of the treasurer of the authority, or of other person or persons as it may authorize, to execute such checks, warrants or orders.

The authority shall file an annual report with the Department of Revenue. The authority shall have its books, accounts and records audited annually by a certified public accountant and a copy of his audit shall be attached to and be made a part of the aforesaid annual report. A concise financial statement shall be published annually by the authority and shall be available for public inspection at the office of the authority. The Attorney General of the Commonwealth shall have the right to examine the books, accounts and records of the authority.