2012-028 ORD RELATING TO CITY'S PAYMENT OBLIGATIONS TO SULPHUR RIVER REGIONAL MOBILITY AUTHORITY

Home Browse Search

Finance SIB #52012-005-01 SuRRMA — (Paris District) B. The Authority shall, at its cost, have a fuil audit of its books and records performed annually by an independent certified public accountant selected by the Authority and reasonably acceptable to the Department. Each audit must be conducted in accordance with generally accepted auditing standards promulgated by the Finanaai Accounting Standards Board, or the standards of the Office of Management and Budget Circular A-133, Audits of States, Local Govemments and Non-profit Organizations, as applicable, and with all other applicable federal and State requirements. The Authority shall cause the auditor to provide a full copy of the audit report and any other management letters or auditors comments directly to the Department within a reasonable period of time after they have been provided to the Authority's Board of Directors. The Authority shall retain, or cause the auditor to �etain, all wo�lc papers and reports until the fourth anniversary of the date of the audit report, uniess the Department notifies the Authority in writing of a later date for the end of the retentlon period. During the retention period, the Authority shall make audit work papers available to the Department within 30 days of the date that the Department requests those papers. C. At the completion of tFte Project, the State shall use generally accepted accounting procedures to determine the actual cost of the Project. 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 forvvard to the Department, upon the request of the Department, a copy of 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 direc�tly under this Agreement or indirectly through payments using SIB 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 completed; (2) SIB Loan No. 1 has been paid in full; or (3) the retention period required by State and federal law ends. F. The Authority shall submit to the Department, within 30 days of the date of their adoption, the annual operating and capital budgets adopted by the Authority each fiscal year, and any amended or supplemental operating or capital budget, approved by the Board of Directors of the Authority and certified as correct by the Chairman of the Authority's Board of Directors. G. All information, if any, submitted by the Authority to the Electronic Municipal Market Access System (°EMMA") of the Muniapal Securities Rulemaking Board with respect to Authority bonds and other similar obligations payable from the same revenues that the Authority will use to pay SIB Loan No. 1 must be submitted to the Departrnent by the Page 7 of 12