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10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
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10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend
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(1) Permit the Finance Authority and its agents to inspect from time to time(1)the <br /> Project, (2)the Drinking Water System and(3)the books and other financial records of the <br /> Drinking Water System, including the inspections described in SRF Policy Guidelines. <br /> Construction contracts shall provide that the Finance Authority or its agents will have <br /> access to the Project and the work related thereto and that the Participant's contractor will <br /> provide proper facilities for such access and inspection. All files and records pertaining to <br /> the Project shall be retained by the Participant for at least six years after Substantial <br /> Completion of Construction. <br /> (m) Upon Substantial Completion of Construction and when requested by the <br /> Finance Authority, provide audited reports to the Finance Authority to permit the Finance <br /> Authority to determine that the Loan proceeds have been used in compliance with this <br /> Agreement. <br /> (n) In the event Construction is to be paid from Loan proceeds, within one year of <br /> Substantial Completion of Construction, consistent with SRF Policy Guidelines, certify to <br /> the Finance Authority that the Project meets performance standards, or if not met, (1) <br /> submit to the Finance Authority(or if directed by the Finance Authority,to the Department) <br /> a corrective action plan and (2) promptly and diligently undertake any corrective action <br /> necessary to bring the Project into compliance with such standards. <br /> (o) In the event Construction is to be paid from Loan proceeds, within one year of <br /> Substantial Completion of Construction,provide as-built plans(if requested by the Finance <br /> Authority)for the Project to the Finance Authority(or if directed by the Finance Authority, <br /> to the Department). <br /> Section 3.02. General Covenants. The Participant hereby covenants and agrees with the <br /> Finance Authority that the Participant will: <br /> (a) Comply with all applicable federal, State and local statutes, rules and <br /> regulations relating to Operation and Maintenance. <br /> (b) (1) Own, operate and maintain the Project and the Drinking Water System for <br /> their useful life, or cause them to be operated and maintained for their useful life; (2) at all <br /> times maintain the Drinking Water System in good condition and operate it in an efficient <br /> manner and at a reasonable cost; and(3)not sell,transfer, lease or otherwise encumber the <br /> Drinking Water System or any portion thereof or any interest therein without the prior <br /> written consent of the Finance Authority <br /> (c) Obtain and maintain the property rights necessary to operate and maintain the <br /> Drinking Water System, and in procuring any such rights, comply with federal and State <br /> law. <br /> (d) Acquire and maintain insurance coverage acceptable to the Finance Authority, <br /> including fidelity bonds, to protect the Drinking Water System and its operations. All <br /> insurance shall be placed with responsible insurance companies qualified to do business <br /> under State law. Insurance proceeds and condemnation awards shall be used to replace or <br /> repair the Drinking Water System unless the Finance Authority consents to a different use <br /> of such proceeds or awards. <br /> (e) Establish and maintain the books and other financial records of the Project <br /> (including the establishment of a separate account or subaccount for the Project) in <br /> accordance with (1) generally accepted governmental accounting principles, as <br /> promulgated by the Government Accounting Standards Board (including GASB No. 34 <br /> standards relating to the reporting of infrastructure) and (2) the rules, regulations and <br /> guidance of the State Board of Accounts. <br /> (f) Provide to the Finance Authority and not the Agency (unless specifically <br /> requested by the Agency) such periodic financial and environmental reports as it may <br /> request from time to time, including (1) annual operating and capital budgets and (2) any <br /> and all environmental data related to the Project that is required to be reported. <br /> B-10 <br />
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