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which lawfully may be applied. <br />11. The Sponsor's acceptance of this Agreeinent and ratification and adoption of the Airport <br />Project Participation Agreement shall be evidenced by execution of this instrument by the <br />Sponsor. This Offer and Acceptance shall comprise a Grant Agreement, as provided by <br />the Title 49 U.S.C., constituting the contractual obligations and rights of the United <br />States, the State of Texas and the Sponsor with respect to the accomplishment of the <br />Project and compliance with the assurances and conditions as provided. <br />12. The state auditor may conduct an audit or investigation of any entity receiving funds from <br />the state directly under the contract or indirectly through a subcontract under the contract. <br />Acceptance of funds directly under the contract or indirectly through a subcontract under <br />this contract acts as acceptance of the authority of the state auditor, under the direction of <br />the legislative audit committee, to conduct an audit or investigation in connection with <br />those funds. An entity that is the subject of an audit or investigation must provide the <br />state auditor with access to any information the state auditor considers relevant to the <br />investigation or audit. <br />Page 12 of 35 <br />