<?xml version='1.0' encoding='utf-8'?>
<baltimore-city-law heading="§ 13-12 Deposit of funds; audits and examinations; financial statement.">
  <section prefix="§" num="13-12" heading="Deposit of funds; audits and examinations; financial statement.">
    <para num="(a)" heading="Deposits.">The Authority’s treasurer must deposit and invest all moneys received by the Authority in one or more financial institutions, consistent with the requirements of State Code &lt;cite data-path="|95|§22F"&gt;Article 95, § 22F {“Local government investment guidelines”}&lt;/cite&gt;.</para>
    <para num="(b)" heading="Audits.">
      <para num="(1)">The Authority must:<para num="(i)">maintain adequate books and records; and</para>
        <para num="(ii)">within 90 days after the end of each fiscal year, prepare audited financial statements in accordance with generally accepted governmental accounting principles.</para>
      </para>
      <para num="(2)">A copy of the audited financial statements must be delivered to the Mayor, the President of the City Council, and the Board of Estimates.</para>
    </para>
    <para num="(c)" heading="Examination by Board of Estimates.">The Board of Estimates may examine, at any time, the Authority’s books, accounts, and records.</para>
    <annotation type="History">Ord. 00-071</annotation>
  </section>
</baltimore-city-law>
