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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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(m) Undertake all actions necessary to investigate all potential, material claims <br /> which the Participant may have against other persons with respect to the Drinking Water <br /> System and the Project and take whatever action is necessary or appropriate to (1)recover <br /> on any actionable, material claims related to the Project or the Planning, Design or <br /> Construction thereof, (2)meet applicable Project performance standards and(3) otherwise <br /> operate the Drinking Water System in accordance with applicable federal, State and local <br /> law. <br /> (n) Not modify, alter, amend, add to or rescind any provision of the Authorizing <br /> Instrument without the prior written consent of the Finance Authority. <br /> (o) In the event the Participant adopts an ordinance or resolution to refund the Bonds, <br /> within 5 days of the adoption of the ordinance or resolution, provide written notice to the <br /> Finance Authority of the refunding. Any refunding of the Bonds shall only be undertaken by <br /> the Participant with the prior written consent of the Finance Authority. <br /> (p) In any year in which total expenditures of Federal financial assistance received <br /> from all sources exceeds $750,000 the Participant shall comply with the Federal Single <br /> Audit Act (SAA) of 1984, as amended by the Federal Single Audit Act Amendments of <br /> 1996 (see 2 CFR 200 Subpart F) and have an audit of their use of Federal financial <br /> assistance. The Participant agrees to provide the Finance Authority with a copy of the <br /> SAA audit within 9 months of the audit period. <br /> (q) Inform the Finance Authority of any findings and recommendations pertaining <br /> to the SRF program contained in an audit of 2 CFR 200 Subpart F(a/k/a"Super Circular") <br /> matters in which SRF Federal financial assistance was less than$750,000. <br /> (r) Initiate within 6 months of the audit period corrective actions for those audit <br /> reports with findings and recommendations that impact the SRF financial assistance. <br /> (s) Notwithstanding anything in the Authorizing Instrument related to the Bonds <br /> (or in any authorizing instrument related to any other outstanding bonds payable from the <br /> revenues of the Drinking Water System which are on a parity with the Bonds) to the <br /> contrary, in the event any Credit Provider that has provided a Credit Instrument fails to be <br /> rated on a long term basis at least "A-/A3" by Standard & Poor's Ratings Services, a <br /> Division of the McGraw-Hill Companies, and Moody's Investors Service, Inc., and their <br /> successors(such Credit Instrument,a"Disqualified Instrument"),within 12 months of such <br /> failure(or pursuant to such other schedule as may be approved by the Finance Authority), <br /> the Participant shall cause cash(or a replacement Credit Instrument from a Credit Provider <br /> that is rated on a long term basis at least"AA-/Aa3"by Standard&Poor's Ratings Services, <br /> a Division of the McGraw-Hill Companies, and Moody's Investors Service, Inc., and their <br /> successors)(or some combination thereof)in an aggregate amount equal to the stated credit <br /> available under the Disqualified Instrument(s) to be deposited in the related reserve <br /> account(s) in lieu of such Disqualified Instrument(s). No Disqualified Instrument shall be <br /> included as part of the reserve balance which satisfies any such reserve requirement under <br /> any such authorizing instrument. Nothing in this subsection shall waive or modify <br /> additional requirements contained in any such authorizing instrument (including the <br /> Authorizing Instrument related to the Bonds); the provisions of this subsection and any <br /> such authorizing instrument (including the Authorizing Instrument related to the Bonds) <br /> shall both be required to be met. Unless and until notice shall be given by the Finance <br /> Authority to the Participant, a surety policy issued by MBIA Insurance Corporation or <br /> Financial Guaranty Insurance Company that has been reinsured by National Public Finance <br /> Guarantee Corporation(formerly known as MBIA Insurance Corp. of Illinois) shall not be <br /> treated as a Disqualified Instrument. <br /> (t) (i) comply with Title 40 CFR Part 34 (New Restrictions on Lobbying) and the <br /> Byrd Anti-Lobbying Amendment("Lobbying Restrictions"); (ii)provide certifications and <br /> disclosures related to Lobbying Restrictions in a form and manner as may from time to <br /> time be required by SRF Policy Guidelines or the Safe Drinking Water Act including <br /> without limitation the Lobbying Restrictions; and (iii) pay any applicable civil penalty <br /> required by the Lobbying Restrictions as may be applicable to making a prohibited <br /> expenditure under Title 40 CFR Part 34, or failure to file any required certification or <br /> B-12 <br />
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