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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 construction of the Project. The City <br />shall submit copies of all of these final licenses, permits, registrations and other <br />Authorizations issued by local, state and federal agencies to the TWDB within thirty (30) <br />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. L1000600 <br />Page 11 of 14 <br />