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SECTION 25: Records and Accounts; Reporting Requirements. (a) The City hereby <br />covenants and agrees that while the SIB Loans are outstanding, it will keep and maintain <br />complete records and accounts in accordance with generally accepted accounting principles, and <br />following the close of each Fiscal Year, it will cause an audit of such books and accounts to be <br />made by an independent firm of certified public accountants. <br />Such annual audit of the records and accounts of the City ("CAFR") shall be in the form <br />of a report and be accompanied by an opinion of the accountant to the effect that such <br />examination was made in accordance with generally accepted auditing standards. <br />(b) The City hereby covenants and agrees to provide the City's annual budget and its <br />CAFR to each of the other Participants, to the Authority, and to the Department within 30 days <br />of the budget and/or CAFR being finally approved by the City Council and the City shall also <br />notify the Department of any new rating (including a rating received for the first time) or any <br />rating change from any nationally recognized rating agency with respect to the City's debt. <br />(c) The Department and the Authority or any duly authorized agent or agents shall <br />have the right to inspect such records, accounts and data of the City during regular business <br />hours. <br />SECTION 26: Effective Date. This Ordinance shall be effective from and after the date <br />of passage. <br />[The remainder of this page intentionally left blank.J <br />95604560.7 -9- <br />