Pennsylvania Statutes Title 55 P.S. Navigation § 558. Deposits; annual financial reports

All moneys of the authority, from whatever source derived, shall be paid to the treasurer of the authority. The 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 to the extent the same is not insured shall be continuously secured by a pledge of direct obligations of the United States of America or the Commonwealth of Pennsylvania, having an aggregate market value exclusive of accrued interest, at all times, at least equal to the balance on deposit in such account. The securities shall either be deposited with the treasurer or 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 on the warrant or other order of the chairman of the authority or of such other person or persons as the authority may authorize to execute such warrants or orders. As soon after the end of each fiscal year as may be expedient, the board shall cause to be prepared and printed a report and financial statement certified to by an independent certified public accountant of its operations and of its assets and liabilities. A condensed annual financial report of the authority shall be published each year, once a week for two consecutive weeks, in at least two newspapers of general circulation in the county creating the authority. A copy of the annual report shall be filed with the county commissioners of the county creating the authority and with the governing body of each municipality in which the authority operates.