06/08/1998 Council Packet - Laserfiche WebLink

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5 loan funds and the Lendee's Match required by this agreement, including all project documents, financial records, supporting documentation, and the property records required by paragraph 7.10. These project accounts and records will be retained intact by the Lendee for at least three (3) years following the full repayment of the loan. These requirements will survive closeout of the loan agreement. 4.03 Audit. The Lendee agrees to keep and maintain books, records, documents, and other evidence pertinent to its performance under this agreement in accordance with generally accepted accounting principles and practices, consistently applied. Such books, records, documents and other evidence will be maintained until the latest of: 1. Complete performance of this agreement; or 2. Three (3) years following the full repayment of the loan; or 3. If any litigation, claim, or audit is commenced during said three (3) year period, when all such litigation, claims or audits have been resolved. During the time of such maintenance, authorized representatives of the Council (and the Legislative Auditor and/or State Auditor in accordance with Minn. Stat. §16B.06, subd. 4) will have access to all such books, records, documents, accounting practices and procedures, and other evidence for the purpose of inspection, audit, and copying during normal business hours. The Lendee will provide proper facilities for such access and inspection. These requirements will survive closeout of the loan agreement. V. REPORTING AND MONITORING REQUIREMENTS 5.01 Final Activity and Expenditures Report. Not later than two (2) months after the Project Completion Date or the end of the Project Activity Period (whichever is earlier), the Lendee must submit a final report for Council review and approval describing the activities and expenditures for the Loan Project and containing a final accounting of loan and matching expenditures. The final report must include a list of project personal property as required by paragraph 7.10. 5.02 Final Project Summary Report. Upon completion of the Loan Project and not later than two (2) months after the end of the Project Activity Period, the Lendee must submit three (3) complete copies of a "Final Project Summary Report" for Council review and approval. The Summary Report will contain at a minimum the following information obtained during and as a result of the Loan Project: a. An overall summary of the completed Loan Project work scope and activities. b. An overall summary of the location of the Loan Project, a description of the sources of I/I removed from the system, an estimate of I/I reduced or removed as a result of the project, a list of potential follow -up project(s) in other areas to reduce or eliminate I/1