Common use of Accounting Records; Financial Statements and Other Reports Clause in Contracts

Accounting Records; Financial Statements and Other Reports. (a) The District will keep appropriate accounting records in which complete and correct entries shall be made of all transactions relating to the Sewer System, which records shall be available for inspection by the Bank at reasonable hours and under reasonable conditions. (b) The District shall provide to the Bank all of the following: (1) as soon as available, and in any event not later than 270 days after and as of the end of each Fiscal Year, the District’s complete audited financial statements, including the balance sheet and income statement as of the end of such Fiscal Year, and the related statements of revenues and expenses and changes in fund equity for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, all in reasonable detail, certified by the Independent Certified Public Accountant as having been prepared in accordance with Generally Accepted Accounting Principles, consistently applied, such audit having been conducted with generally accepted auditing standards; (2) not later than sixty (60) days after the end of each Fiscal Year, the District’s annual combined capital budget for the succeeding Fiscal Year of the District; (3) contemporaneously with the delivery of the financial statements set forth in subsection (a) above, a certificate of an Authorized Representative to the effect that such financial statements are accurate and that there exists no Event of Default (as defined herein) nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an Event of Default; (4) as soon as possible but, in any event, within thirty (30) days after the issuance thereof, copies of any prospectus, official statement, offering circular, placement memorandum, remarketing circular or similar or corresponding document, and any supplements thereto and updates and amendments thereof, that the District makes available in connection with the offering for sale of any Bonds or Contracts, and, upon the Purchaser’s reasonable request, copies of all annual reports, and notices of filing of all other reports, that the District may be required to file with any federal or State governmental commission, department, board, bureau or district; (5) copies of disclosure statements of the District and other information, including, without limitation, financial covenant calculations, pertaining to the District required to be delivered pursuant to any indenture, trust agreement, or to any insurer of the District’s Bonds or Contracts, no later than the date on which such deliveries are required to be made to any such insurer; and (6) such other information respecting the affairs, condition and/or operations, financial or otherwise, of the District as the Bank may from time to time reasonably request.