(a.2) Fiscal procedures.--
(1) An authority shall establish, according to generally
accepted accounting principles, procedures to bill customers,
collect payments, issue receipts, handle funds received and
deposit money in an account or accounts managed by a
designated depository. All bill payments shall be made in the
name of the authority or designated public or contracted
entity collecting revenue and shall not include the name of
an individual.
(2) The required annual audit and financial report of
the authority shall be presented at a meeting of the
authority board, discussed publicly and require an official
vote of acceptance.
(3) Nothing in this subsection shall be construed to
preclude an authority from adopting rules and regulations
regarding fiscal controls that are more stringent than
required by this section.
(b) Report.--
(1) Every authority [whose fiscal year ends December 31
shall file on or before July 1 an annual report of its fiscal
affairs covering the preceding calendar year with the
Department of Community and Economic Development and with the
municipality creating the authority on forms prepared and
distributed by the Department of Community and Economic
Development. Authorities whose fiscal year does not end on
December 31 shall file the report within 90 days after the
end of their fiscal year.] shall file, on or before 180 days
following the end of its fiscal year, an annual report of its
fiscal affairs covering the preceding fiscal year with the
Department of Community and Economic Development and with the
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