05-16-83 Meeting of the La Porte Area Water Authority Board Minutes

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1 30 of the following year, unless and until changed by the board. 2 A written report of the audit shall be delivered to each member of 3 the board not later than ninety (90) days after the close of each 4 fiscal year; a copy of such audit report shall be delivered upon 5 request to the holder or holders of at least twenty-five (25) percent 6 of the then outstanding bonds of the authority; at least five (5) 7 additional copies of said audit shall be delivered to the office of 8 the authority, one of which shall be kept on file and shall consti- 9 tute a public record open to inspection by any interested person or 10 persons during normal office hours; and one copy of such audit report 11 shall be filed with the City of La Porte. The cost of such audit 12 shall be paid for by the authority. 13 Section 15. The board of directors shall designate, establish 14 and maintain an office or offices of the authority as provided by 15 Section 54.110, Title 4, Water Code. 16 Section 16. All bonds and refunding bonds of the authority shall 17 be and are hereby declared to be legal, eligible and authorized 18 investments for banks, savings and loan associations, insurance 19 companies, fiduciaries, trustees, and for the sinking funds of cities, 20 towns, villages, counties, school districts or other political cor- 21 porations or subdivisions of the State of Texas and for all public 22 funds of the State of Texas or its agencies, includ ing the State 23 Permanent School Fund. Such bonds and refunding bonds shall be 24 elig ible to secure the deposit of any and all public funds of the 25 State of Texas, cities, towns, villages, counties, school districts 26 or other political corporations or subdivisions of the State of 27 Texas; and such bonds shall be lawful and sufficient security for 27