Common use of Accounting and Audit Procedures Clause in Contracts

Accounting and Audit Procedures. (i) The City shall establish fiscal controls and accounting procedures sufficient to assure proper accounting for all (i) System Revenues, operating expenses, capital expenses, depreciation, reserves, debt issued and outstanding and debt payments and (ii) Project-related costs, Requisitions submitted hereunder, proceeds received pursuant to disbursements made under this Agreement, payments made by the City with regard to the Project, other sources of funding for the Project (including amounts paid from such sources for Project costs so that audits may be performed to ensure compliance with and enforcement of this Agreement). The City shall use accounting, audit and fiscal procedures conforming to GAAP, including, accounting of the Outstanding Balance (and the corresponding unpaid Principal Components of the Installment Payments), Installment Payments, Additional Payments, disbursements, prepayments and calculation of the Outstanding Balance (and the corresponding unpaid Principal Components of the Installment Payments) and the calculation of interest accrued on the Outstanding Balance (and the corresponding Interest Component accrued on the amount of the unpaid Principal Components of the Installment Payments). (ii) The City shall have a single or program-specific audit conducted in accordance with 2 C.F.R. Part 200 Subpart F and 31 U.S.C. § 7502 in 2020 and annually thereafter, except to the extent biennial audits are permitted for the City pursuant to 2 C.F.R. § 200.504 and 31 U.S.C. § 7502(b). Upon reasonable notice, the City shall cooperate fully in the conduct of any periodic or compliance audits conducted by the WIFIA Credit Provider, or designees thereof, pursuant to 40 C.F.R. Part 35, 31 U.S.C. § 7503(b), or 31 U.S.C. § 6503(h) and shall provide full access to any books, documents, papers or other records that are pertinent to the Project or the financing of the Project, to the Administrator, or the designee thereof, for any such project or programmatic audit.

Accounting and Audit Procedures. (i) The City shall establish fiscal controls and accounting procedures sufficient to assure proper accounting for all of the following: (iA) System Revenues, Authority Revenues, operating expenses, capital expenses, depreciation, reserves, debt issued and outstanding and debt payments payments; and (iiB) Project-related costs, Requisitions submitted hereunderWIFIA Loan requisitions submitted, WIFIA Loan proceeds received pursuant to disbursements made under this Agreementreceived, payments made by the City City, as an agent of the Borrower pursuant to the WIFIA IPA, with regard to the Project, and other sources of funding for the Project (including amounts paid from such sources for Project costs so that audits may be performed to ensure compliance with and enforcement of this Agreement). The City shall use accounting, audit and fiscal procedures conforming to GAAP, including, accounting of with respect to the Outstanding Balance (and the corresponding unpaid Principal Components of the Installment Payments), WIFIA Installment Payments, Additional Paymentsaccounting of principal and interest payments, disbursements, prepayments and calculation of the Outstanding Balance (interest and the corresponding unpaid Principal Components of the Installment Payments) and the calculation of interest accrued on the Outstanding Balance (and the corresponding Interest Component accrued on the amount of the unpaid Principal Components of the Installment Payments)principal amounts Outstanding. (ii) The City shall have a single or program-specific audit conducted in accordance with 2 C.F.R. Part 200 Subpart F and 31 U.S.C. § 7502 from (and including) the first City Fiscal Year in 2020 which a disbursement is made under this Agreement and annually thereafterthereafter to the extent required by applicable law, except to the extent biennial audits are permitted for the City pursuant to 2 C.F.R. § 200.504 and 31 U.S.C. § 7502(b). Upon reasonable notice, the City shall cooperate fully in the conduct of any periodic or compliance audits conducted by the WIFIA Credit ProviderLender, or designees thereof, pursuant to 40 C.F.R. Part 35, 31 U.S.C. § 7503(b), or 31 U.S.C. § 6503(h) and shall provide full access to any books, documents, papers or other records that are pertinent to the Project or the financing of the ProjectWIFIA Loan, to the AdministratorWIFIA Lender, or the designee thereof, for any such project or programmatic audit.

Accounting and Audit Procedures. (i) The City Borrower shall establish fiscal controls and accounting procedures sufficient to assure proper accounting for all (iA) System Revenues, operating expenses, capital expenses, depreciation, reserves, debt issued and outstanding and debt payments and (iiB) Project-related costs, Requisitions submitted hereundersubmitted, WIFIA Loan proceeds received pursuant to disbursements made under this Agreementreceived, payments made by the City Borrower with regard respect to the Project, and other sources of funding for the Project (including amounts paid from such sources for Project costs so that audits may be performed to ensure compliance with and enforcement of this Agreement). The City Borrower shall use accounting, audit and fiscal procedures conforming to GAAP, including, with respect to the WIFIA Loan, accounting of the Outstanding Balance (principal and the corresponding unpaid Principal Components of the Installment Payments), Installment Payments, Additional Paymentsinterest payments, disbursements, prepayments and calculation of the Outstanding Balance (interest and the corresponding unpaid Principal Components of the Installment Payments) and the calculation of interest accrued on the Outstanding Balance (and the corresponding Interest Component accrued on the amount of the unpaid Principal Components of the Installment Payments)principal amounts Outstanding. (ii) The City Borrower shall have a single or program-specific audit conducted in accordance with 2 C.F.R. Part 200 Subpart F and 31 U.S.C. § 7502 from (and including) the first Borrower Fiscal Year in 2020 which a Disbursement is made under this Agreement and annually thereafterthereafter to the extent required by applicable law, except in all cases to the extent biennial audits are permitted for the City Borrower pursuant to 2 C.F.R. § 200.504 and 31 U.S.C. § 7502(b). Upon reasonable notice, the City Borrower shall cooperate fully in the conduct of any periodic or compliance audits conducted by the WIFIA Credit ProviderLender, or designees thereof, pursuant to 40 C.F.R. Part 35, 31 U.S.C. § 7503(b), or 31 U.S.C. § 6503(h) and shall provide full access to any books, documents, papers or other records that are pertinent to the Project or the financing of the ProjectWIFIA Loan, to the AdministratorWIFIA Lender, or the designee thereof, for any such project or programmatic audit.

Accounting and Audit Procedures. (i) The City District shall establish fiscal controls and accounting procedures sufficient to assure proper accounting for all of the following: (iA) System Revenues, operating expensesand Operation and Maintenance Costs, and, with respect to the System, capital expenses, depreciation, reserves, debt issued and outstanding and debt payments payments; and (iiB) Project-Project- related costs, Requisitions submitted hereunderWIFIA Loan requisitions submitted, WIFIA Loan proceeds received pursuant to disbursements made under this Agreementreceived, payments made by the City District, as an agent of the Borrower pursuant to each WIFIA IPA, with regard to the ProjectProjects, and other sources of funding for the Project Projects (including amounts paid from such sources for Project costs so that audits may be performed to ensure compliance with and enforcement of this AgreementAgreement and the WIFIA Loan Agreements). The City District shall use accounting, audit and fiscal procedures conforming to GAAP, including, accounting of with respect to the Outstanding Balance (and the corresponding unpaid Principal Components of the Installment Payments), WIFIA Installment Payments, Additional Paymentsaccounting of principal and interest payments, disbursements, prepayments and calculation of the Outstanding Balance (interest and the corresponding unpaid Principal Components of the Installment Payments) and the calculation of interest accrued on the Outstanding Balance (and the corresponding Interest Component accrued on the amount of the unpaid Principal Components of the Installment Payments)principal amounts Outstanding. (ii) The City District shall have a single or program-specific audit conducted in accordance with 2 C.F.R. Part 200 Subpart F and 31 U.S.C. § 7502 from (and including) the first District Fiscal Year in 2020 which a disbursement is made under the initial WIFIA Loan Agreement and annually thereafterthereafter to the extent required by applicable law, except to the extent biennial audits are permitted for the City District pursuant to 2 C.F.R. § 200.504 and 31 U.S.C. § 7502(b). Upon reasonable notice, the City District shall cooperate fully in the conduct of any periodic or compliance audits conducted by the WIFIA Credit ProviderLender, or designees thereof, pursuant to 40 C.F.R. Part 35, 31 U.S.C. § 7503(b), or 31 U.S.C. § 6503(h) and shall provide full access to any books, documents, papers or other records that are pertinent to the Project Master Program or the financing of the ProjectWIFIA Loans, to the AdministratorWIFIA Lender, or the designee thereof, for any such project or programmatic audit.