09-23-24 City Council Agenda Packet

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government auditing standards and in compliance with Subpart F (Audit Requirements) of Title 2 U.S. Code of Federal Regulations Part 200. (b) The Recipient must describe the Note as general obligation debt of the Recipient in its annual audited financial statements for the term of the Loan. Section 7.3 Annual Minority and Women Business Enterprise Report. If requested, the Recipient will submit to the Authority, within 20 days of the end of the annual reporting period, EPA Form 5700-52A to report on the award of prime contracts or subcontracts to any certified fjrrity and Women Business Enterprise (MBE/WBE) firms until the Project is complete. Section 7.4 General. The Recipient must submit the pr prescribed by the Authority. Section 7.5 Inspections. The Recipient, upon reason Authority and its agents to inspect the Project. ARTICLE 8 - GOVERNMEIN y on forms allow the The Recipient agrees, with respect to any data that it possess%ens e Project, to comply with all of the provisions and restrictions contained in the Minnesota Gota Practices Act, Minnesota Statutes, Chapter 13, that exist as of the date of thi greesuch may subsequently be amended, modified or replaced from time to time. ICLE 9 - DEFAULT AND REMEDIES wn+ Section 9.1. Events of Default. Any of the following is an event of default under this Agreement: (a) The Recipient does not m4ke a Loan payment when due; (b) The not coX oth-@Wvision of this Agreement or the Note after written noti the A amonth period the Recipient does not cure that default or p a written plan thority providing for that cure or, if the Authority accepts a pla ure, the Recipie at default within the timeperiod specified therein. Section edies. (a) If JWent of default described in Section 9.1(a) of this Agreement occurs, the Authority w ose an in st penalty as provided in Minn. Rules Part 7830.0296, Subpart 1. The Authority may xer ' ne or more of the following remedies: (1) withhold approval of any disbursement req sect any pending application by the Recipient for financial assistance, (3) to the extent permitte aw, demand immediate payment of the Loan and the Note in full and, upon such demand, the outstanding principal amount of the Loan and Note will be immediately due and payable, with interest accrued thereon to the date of payment, or (4) exercise any other remedy available to the Authority at law or in equity, including under Minnesota Rules, Chapter 7380, as amended. (b) If an event of default described in Section 9.1(b) of this Agreement occurs, the Authority will impose an immediate increase in the interest rate on the Loan by eliminating all interest rate discounts that Lino Lakes DWRF 01 Page 10 of 12 A-11