2013-003 RES APPROVING EXECUTION AND DELIVERY OF LOAN AGREEMENT WITH LOAN FORGIVENESS

Home Browse Search

� --� design phases and monthly during the construction phase of the Project until the completion of the Project. B. Release from Escrow Account. The Executive Administrator shall authorize the release of Loan Forgiveness Funds from Escrow when Outlay Reports have been approved by the TWDB. 5.03. INELIGIBLE EXPENSES. City must use Loan Forgiveness Funds for Eligible Expenses. The City must return any Loan Forgiveness Funds that are used for expenses that cannot be verified as eligible or that are ineligible. The amount of Loan Forgiveness Funds used for any ineligible or unverified expenses shall be credited against verified Eligible Expenses. If the total amount of Eligible Expenses are insufficient to fully offset the amount of improperly expended Loan Forgiveness Funds, the City must use other funds to fully repay the TWDB. 5.04. FINAL ACCOUNTING. The City shall provide a final accounting of funds expended on the Project pursuant to 31 TAC § 371.85 and return any remaining Loan Forgiveness Funds in a manner determined by the Executive Administrator. 5.05. WATER CONSERVATION AND DROUGHT CONTINGENCY PLAN. The City shall adopt and implement a water conservation and drought contingency plan that complies with Texas Water Code §§ 11.1271 and 11.1272 and 31 TAC §§ 363.15 and 371.34. 5.06. WATER AUDIT. If the City is a retail public utility as defined in Texas Water Code § 13.002 and the City provides potable water, then the City annually shall perform and file a water audit computing the City's most recent annual system water loss with the TWDB. The first water audit shall be submitted by May 1 S` following the passage of one year after the effective date of this Agreement and then by May 1 St every year thereafter during the term of this Agreement. The City agrees to comply with 31 TAC § 358.6 relating to water audits. 5.07. REGISTRATION REQUIREMENT. Pursuant to the Federal Funding Accountability and Transparency Act of 2006, Pub. L. 109-282, as amended by Pub. L. 110-252, the City shall obtain a Data Universal Numbering System (DiTNS) Number and shall maintain registration in the System for Award Management (SAM). 5.08. ANNUAL AUDIT. During the Term of this Agreement, the City shall submit an annual audit of the general purpose financial statements prepared in accordance with generally accepted auditing standards by a certified public accountant or licensed public accountant. Audits shall be submitted to the TWDB no later than 180 days after the close of the City's fiscal year. 5.09. INVESTMENT AND COLLATERALIZATION OF PUBLIC FUNDS. Loan proceeds are public funds and, as such, these proceeds shall be held at a designated state depository institution or other properly chartered and authorized institution in accordance with the Public Funds Investment Act, Government Code, Chapter 2256, and the Public Funds Collateral Act, Government Code, Chapter 2257. Page 9 of 14 �.�L-oo�