All revenue derived from the operation of the port authority, after paying the operation
expenses and maintenance, shall be set aside and used for additional improvements,
reserves for depreciation, or for the retirement of bonds and interest thereon issued
by the board of directors for the purposes in A.C.A. tit. 14, ch. 186, subch. 2 [§ 14-186-201 et seq.] enumerated in the manner now provided by
law. All authority funds shall be deposited in a bank or banks to be designated by
the authority. Funds of the authority shall be paid out only upon warrants signed
by the treasurer of the authority and countersigned by the chairman or acting chairman.
No warrants shall be drawn or issued disbursing any of the funds of the authority
except for a purpose authorized by A.C.A. tit. 14, ch. 186, subch. 2 [§ 14-186-201 et seq.] and only when the account or expenditure
for which the same is to be given in payment has been audited and approved by the
authority.
(Code 1976, § 25-6)
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