(a) All monies of the Authority shall be deposited in qualified depositories for funds of the Government of the Virgin Islands, but they shall be kept in separate accounts in the name of the Authority. The disbursements shall be made by it pursuant to regulations and budgets approved by the Board. Notwithstanding the provisions of this subsection, the Authority shall have power to contract with the holders of any of its bonds as to the custody, collection, investment and payment of any monies of the Authority, or any monies held in trust or otherwise for the payment of bonds or in any way to secure bonds, and deposits of such monies may be secured in the same manner as monies of the Authority.
(b) The Authority shall account to the Government of the Virgin Islands in accordance with applicable law for all funds which the Government may furnish to the Authority by loan or grant. The Authority shall also account to any federal agency, if and in the manner required, for any funds that it may receive from any such agency.
(c) The Authority shall establish an accounting system for the proper financial management, control and recording of all expenses and income belonging to or managed or controlled by the Authority. Subject to agreements with bondholders, said system shall segregate the accounts for wastewater and solid waste management functions, make a reasonable allocation of costs that may be common to both functions and, insofar as advisable, otherwise segregate the accounts for different classes of operations, facilities, and activities of the Authority; except, that an internal audit unit shall be established to monitor internal controls of the financial operation of the Authority, and biennially the Authority shall have its accounts and books, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other matters which relate to its financial condition examined by a certified public accounting firm who shall report thereon to the Board of the Authority, the Governor, and the Legislature.