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