PART VII. ACCOUNTING SYSTEM AND RECORDS.
§8-16-20. Accounting system; yearly audit; custodian of funds.
Any municipality or municipalities issuing revenue bonds under
the provisions of this article shall install and maintain a proper
system of accounting, showing the amount of revenues received and
the application of the same, and the governing body or bodies
shall, at least once a year, cause such accounts to be properly
audited by a competent auditor, and the report of such auditor
shall be open for inspection at all proper times to any taxpayer or
resident of said municipality or municipalities, or person
receiving service from said works, or any holder of bonds issued
under the provisions of this article, or anyone acting for and in
behalf of such taxpayer, resident, person or bondholder. The
treasurer of such municipality or each such municipality, or other
official or institution specifically charged with the duty, shall
be the custodian or custodians of the funds derived from income
received from said works, and shall give proper bond or bonds for
the faithful discharge of his or its or their duties as such
custodian or custodians, which bond or bonds shall be fixed and
approved by the governing body or bodies. All of the funds
received as income from said works under the provisions of this
article and all funds received from the sale of revenue bonds
issued therefor shall be kept separate and apart from other funds
of the municipality or municipalities, and separate accounts shall
be maintained for the several items required to be set up by the
provisions of section seventeen of this article.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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