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5.02. DELIVERY OF LOAN FORGIVENESS FUNDS. The TWDB shall deposit the Loan <br />Forgiveness Funds in an approved Escrow Account to be released to the City's Construction <br />Account at the direction of the Executive Administrator. <br />A. Outlay Reports and Invoices. The City shall submit the following documentation: <br />1. TWDB Outlay Report forms identifying: <br />a. the total amount of expenses incurred by the City for the period covered <br />by the Outlay Report; and <br />b. invoices, receipts or other documentation satisfactory in form and in <br />substance to the TWDB sufficient to establish the requested amount as an <br />eligible expense incurred by the City. <br />2. Outlay Report forms are due to TWDB quarterly during the planning and design <br />phases of the Project until the completion of the Project. <br />B. Release from Escrow Account. The Executive Administrator shall authorize the release <br />of Loan Forgiveness Funds from Escrow when Outlay Reports have been approved by <br />the TWDB. <br />5.03. INELIGIBLE EXPENSES. The City must use Loan Forgiveness Funds for Eligible <br />Expenses. The City must return any Loan Forgiveness Funds that are used for expenses that <br />cannot be verified as eligible or that are ineligible. The amount of Loan Forgiveness Funds used <br />for any ineligible or unverified expenses shall be credited against verified Eligible Expenses. If <br />the total amount of Eligible Expenses is insufficient to fully offset the amount of improperly <br />expended Loan Forgiveness Funds, the City must use other funds to fully repay the TWDB. <br />5.04. MAINTENANCE OF PROJECT ACCOUNTS The City must maintain all project <br />accounts containing funds disbursed for the planning and design of a project, as applicable, in <br />compliance with generally accepted accounting principles (GAAP), including the reporting of <br />underlying infrastructure assets. <br />5.05. FINAL ACCOUNTING. The City shall provide a final accounting of funds expended <br />on the Project pursuant to 31 TAC § 375.106 and return any remaining Loan Forgiveness Funds <br />in a manner determined by the Executive Administrator. <br />5.06. LEGAL STATUS. The City must notify the Executive Administrator prior to taking any <br />actions to alter its legal status in any manner, such as by conversion to a conservation and <br />reclamation district or a sale- transfer - merger with another retail public utility. <br />5.07. WATER CONSERVATION AND DROUGHT CONTINGENCY PLAN. If <br />applicable, the City shall adopt and implement a water conservation and drought contingency <br />TWDB Contract No.LF1000351 <br />Page 9 of 15 <br />OGC -001 1 1/06/2014 <br />