Common use of County Audits Clause in Contracts

County Audits. The receipt by the County Manager or his written designees of Annual Audited Financial Statements pursuant to subsection 2.05(b)(2)(ii)(B) above or acceptance by the County Manager or his written designees of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements or such payment. Within five (5) years after the receipt of any such Annual Audited Financial Statements, the County Board or any designated agent or employee of the County Board at any time and upon forty-eight (48) hours advance notice shall be entitled to audit the Residual Receipts calculation and all books, records, and accounts pertaining thereto. Such audit shall be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. If it is determined as a result of such audit that there has been a deficiency in an Annual AHIF Loan Payment to the County Board, then such deficiency shall become immediately due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment should have been made. In addition, if the Annual Audited Financial Statements for any calendar year shall be found to have understated Residual Receipts by more than ten percent (10%) and by at least Five Thousand and 00/100 Dollars ($5,000.00), then Borrower shall pay, in addition to the interest charges referenced hereinabove, all of the County Staff’s reasonable out of pocket costs and expenses connected with any audit or review of Borrower’s accounts and records.

County Audits. The receipt by the County Manager or his written designees of Annual Audited Financial Statements pursuant to subsection 2.05(b)(2)(ii)(B) above or acceptance by the County Manager or his written designees of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements or such payment. Within five (5) years after the receipt of any such Annual Audited Financial Statements, the County Board or any designated agent or employee of the County Board at any time and upon forty-eight (48) hours advance notice shall be entitled to audit the Residual Receipts calculation and all books, records, and accounts pertaining thereto. Such audit shall be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. If it is determined as a result of such audit that there has been a deficiency in an Annual AHIF Loan Payment to the County Board, then such deficiency shall become immediately due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment should have been made. In addition, if the Annual Audited Financial Statements for any calendar year shall be found to have understated Residual Receipts by more than ten five percent (105%) and by at least Five Thousand and 00/100 Dollars ($5,000.00), then Borrower shall pay, in addition to the interest charges referenced hereinabove, all of the County Staff’s reasonable out of pocket costs and expenses connected with any audit or review of Borrower’s accounts and records.

County Audits. The receipt by the County Manager or his written designees of Annual Audited Financial Statements pursuant to subsection 2.05(b)(2)(ii)(B) above or acceptance by the County Manager or his written designees of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements or such payment. Within five (5) years after the receipt of any such Annual Audited Financial Statements, the County Board or any designated agent or employee of the County Board at any time and upon forty-eight (48) hours advance notice shall be entitled to audit the Residual Receipts calculation and all books, records, and accounts pertaining thereto. Such audit shall be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. If it is determined as a result of such audit that there has been a deficiency in an Annual AHIF Loan Payment to the County Board, then such deficiency shall become immediately due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment should have been made. In addition, if the Annual Audited Financial Statements for any calendar year shall be found to have understated Residual Receipts by more than ten percent (10%) and by at least Five Thousand and 00/100 Dollars ($5,000.00), then Borrower shall pay, in addition to the interest charges referenced hereinabove, all of the County Staff’s reasonable out of pocket costs and expenses connected with any audit or review of Borrower’s accounts and records.