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verified Eligible Expenses. If the total amount of Eligible Expenses is insufficient to fully <br />offset the amount of improperly expended Principal Forgiveness Funds, the City must use <br />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, acquisition, design, or construction <br />of a project, as applicable, in compliance with generally accepted accounting principles <br />(GAAP), including the reporting of 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 Principal <br />Forgiveness Funds in a manner determined by the Executive Administrator. <br />5.06. LEGAL STATUS. The City must notify the Executive Administrator prior to taking <br />any actions to alter its legal status in any manner, such as by conversion to a conservation <br />and reclamation district or a sale -transfer -merger with another retail public utility. <br />5.07. WATER CONSERVATION AND DROUGHT CONTINGENCY PLAN. If applicable, the <br />City shall adopt and implement a water conservation and drought contingency plan that <br />complies with Texas Water Code §§ 11.1271 and 11.1272 and 31 TAC §§ 363.15 and <br />375.43. <br />5.08. WATER AUDIT. If the City is a retail public utility as defined in Texas Water Code <br />§ 13.002 and the City provides potable water, then the City annually shall perform and file <br />a water audit computing the City's most recent annual system water loss with the TWDB. <br />The first water audit shall be submitted by May 1St following the passage of one year after <br />the effective date of this Agreement and then by May 1St every year thereafter during the <br />term of this Agreement. The City agrees to comply with 31 TAC § 358.6 relating to water <br />audits. <br />5.09. REGISTRATION REQUIREMENT. Pursuant to the Federal Funding Accountability <br />and Transparency Act of 2006, Pub. L. 109-282, as amended by Pub. L. 110-252, the City <br />shall obtain a Data Universal Numbering System (DUNS) Number and shall maintain <br />registration in the System for Award Management (SAM). <br />5.10. ANNUAL FINANCIAL AUDIT. During the Term of this Agreement, the City shall <br />submit an annual audit of the general purpose financial statements prepared in accordance <br />with Generally Accepted Accounting Principles (GAAP) by a certified public accountant or <br />licensed public accountant. Audits shall be submitted to the TWDB no later than 180 days <br />after the close of the City's fiscal year. <br />5.11. INVESTMENT AND COLLATERALIZATION OF PUBLIC FUNDS. Financial <br />Assistance funds are public funds and, as such, these funds shall be held at a designated <br />state depository institution or other properly chartered and authorized institution in <br />accordance with the Public Funds Investment Act, Government Code, Chapter 2256, and <br />the Public Funds Collateral Act, Government Code, Chapter 2257. <br />TWDB Commitment No. L1000600 <br />Page 8 of 14 <br />