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TWDB and the State harmless to the extent that the City may do so in accordance <br /> with State law. <br /> C. Principal forgiveness proceeds shall not be used by the City when sampling, testing, <br /> removing or disposing of contaminated soils and/or media at the project site. The <br /> City agrees to indemnify, hold harmless and protect the TWDB from any and all <br /> claims, causes of action or damages to the person or property of third parties arising <br /> from the sampling, analysis, transport, storage, treatment and disposition of any <br /> contaminated sewage sludge, contaminated sediments and/or contaminated media <br /> that may be generated by the City, its contractors, consultants, agents, officials and <br /> employees as a result of activities relating to the project to the extent permitted by <br /> law. <br /> 7.02. PERMITS. The City shall be responsible for timely filing applications for all licenses, <br /> permits, registrations and other authorizations that the City has identified in the <br /> application for financial assistance as required for the planning, acquisition, and design of <br /> the Project. The City shall submit copies of all of these final licenses, permits, registrations <br /> and other authorizations issued by local, state and federal agencies to the TWDB within <br /> thirty (30) days of receipt from the issuing agency. <br /> 7.03. RECORDS. The City shall comply with all terms and conditions relating to records <br /> of the Project as follows: <br /> A. Duty to Maintain Records. The City shall maintain financial accounting records <br /> relating to the Project in accordance with Generally Accepted Accounting Principles. <br /> The City shall also require its contractors to maintain financial accounting records <br /> consistent with Generally Accepted Accounting Principles and with State laws <br /> applicable to government accounting. All accounting and other financial <br /> documentation shall be accurate, current, and shall reflect recordation of the <br /> transactions at or about the time the transactions occurred; <br /> 1. Single Audit Act. 31 U.S.C. 7501 - 7507. The City shall comply with the <br /> Single Audit Act, and with Office of Management and Budget (OMB) Circular <br /> A-133 ensuring an audit is conducted in accordance with OMB Circulars. <br /> 2. Green Projects. If all or part of the Project is designated as a Green Project, <br /> then the City shall maintain separate tracking of the expenses related to that <br /> Project or portion of the Project that has been designated as an approved <br /> Green Project. <br /> B. Duty to Retain Records. The City shall retain all financial records and supporting <br /> documents and any other documents pertinent to the Project in accordance with the <br /> requirements of 31 TAC § 375.107, relating to Records Retention. The TWDB <br /> requires the City to retain all records related to this Agreement for a period of three <br /> (3) years after the Obligations are paid in full. <br /> TWDB Commitment No.L1000601 <br /> Page 11 of 14 <br />