§10-2A-18. Accounting system; yearly audit; custodian of funds.
Any board issuing revenue bonds under the provisions of this
article, shall install and maintain a proper system of accounting
showing the amount of revenue received and the application of same
and the board 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 reasonable times to any
taxpayer, citizen of the county or any holder of bonds issued under
the provisions of this article, or anyone duly authorized acting
for and on behalf of such taxpayer, citizen or bondholder. The
treasurer of such board or other official or institution
specifically charged by such board with such duty, shall be
custodian of the funds derived from revenues from such athletic
establishment, and shall give proper bond for the faithful
discharge of his or its duties as such custodian which bond shall
be fixed and approved by the board. All of the funds received as
revenue from said athletic establishment, and all funds received
from the sale of revenue bonds issued under this article, shall be
kept separate and apart from other funds of the board, and separate
accounts shall be maintained from the several items required to be
set up by section fifteen of this article.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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