33.Costs for upgrading and widening State Highway 24

Home Browse Search

Finance SIB # Sulphur River Regional Mobility Authority (Delta, Hunt, and Lamar Counties) F. In the event the Authority shall not have allocated all proceeds of the SIB Loan by the third anniversary of the Deposit Date, the Authority shall cause the Authority's depository bank to return the unexpended portion of the SIB Loan to the Department, and the State shall revise and replace Exhibit D to show the revised amortization schedule and the reduced principal amount of the SIB Loan outstanding. Article 4. Project Accounting; Filing of Reports; Retention of Records A. The Authority shall account for all actual costs associated with the Project using generally accepted accounting principles in the United States, as promulgated by the Governmental Accounting Standards Board, the Financial Accounting Standards Board, or pursuant to applicable federal or State laws or regulations. The Authority will make its accounting records available at reasonable times to the State for inspection during the Project and upon its completion. B. On each Principal Payment Date, the Authority shall provide to the State (one copy to the applicable District Office and one copy to the Department's Finance Division) the following: (1) an accounting of the SIB Loan proceeds expended ("Annual Expenditure Report"); and (2) a copy of a resolution by the Authority's Board of Directors or other written confirmation of the annual appropriation of funds to make the Principal Payments and Interest Payments due under this Agreement during the next following 12 months. The Authority will provide the Annual Expenditure Report and proof of availability of funds on each Principal Payment Date and at any other time as may be requested by the Department. C. At the completion of the Project, the State shall use generally accepted accounting procedures to determine the actual cost of the Project. If a portion of the proceeds of the SIB Loan are not needed for the Project then the Authority will return such funds to the State. The State will apply such return of funds to reduce the outstanding Principal Payments at the time of the final accounting, and the State shall provide the Authority with a revised Exhibit D, all as more fully described in Article 1, Paragraph H hereof. The Authority shall hold all Project records, accounts, and supporting documentation open for State and federal audits until Project completion, and upon Project completion, the Authority shall forward to the Department, upon the request of the Department, all or a portion of the Project files and reports. D. The State Auditor may conduct an audit or investigation of the Authority with respect to the funds received from the State directly under this Agreement or of the payments received by third parties from the Authority using the SIB Loan proceeds. Acceptance of funds directly under this Agreement or indirectly through payments using loan proceeds acts as acceptance of the authority of the State Auditor, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. An entity that is the subject of an audit or investigation must provide the State Auditor with access to any information the State Auditor considers relevant to the investigation or audit. E. The Authority shall retain all original Project files, records, accounts, and supporting documents until the later of the date that: (1) the Project is 95447991.8 Page W