Before receiving any monies, the secretary of a port authority created in accordance with Section 1102 of this title shall furnish bond in such amount as shall be determined by the port authority, with sureties satisfactory to it, and all funds coming into the hands of said secretary shall be deposited by the secretary to the account of the port authority in one or more such depositories as shall be qualified to receive deposits of state or county funds, which deposits shall be secured in the same manner as county funds are required to be secured. No disbursements shall be made from such funds except in accordance with rules adopted by the port authority. Such rules, adopted in accordance with the provisions of the Administrative Procedures Act, shall require substantially the same financial accounting procedures as required by the State Treasurer for state funds under control of the Office of State Treasurer.
Laws 1959, p. 394, § 14, emerg. eff. July 15, 1959; Laws 2011, c. 263, § 2.
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