Agenda - Council - 02/24/2004 - Laserfiche WebLink

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2.04 Disbursement Schedule. Subject to the Grantee's satisfactory performance of the conditions stated in paragraph'2.01,~ the Council will disburse the grant funds to the Grantee in accordance with the grant fund disbursement schedule contained in Attachment B, which is incorporated into and made a part of this agreement. The Council will make disbursements only upon receipt of a written disbursement reqluest from the Grantee's authorized agent or representative. 2.05 Interest Earnings and Revolved Funds. If the Grantee earns any interest or other income from the grant t'unds received from the Council under this agreement, the Grantee will use the interest earnings or income only for the purposes of implementing the project activities described in Attachment A. If the Grantee uses the grant funds on a "revolving" basis or otherwise receives revolved funds ~omthe project activities described in Attachment A, the Grantee must: (a) use the revolved funds ~:o implement similar eligible projects that will help the Grantee meet its affordable and life-cycle h~using goals and implement the purposes of Minnesota Statutes sections 473.25, 473.254 and 473.253; or (b) return the revolved funds to the Council for use with other eligible projects. The Grantee shall report to the Council any revolved funds received by the Grantee and · the Grantee's uses of those revolved funds. 2.06 Effect of~Grant. Issuance of this grant neither implies any Council responsibility for contamination, if any, at the project site nor imposes any obligation on the Council to participate in any pollution cleanup of the project site if such cleanup is undertaken or required. III. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01 Accountir!g and Records. The Grantee agrees to establish and maintain accurate and complete accou/nts and records relating to the receipt and expenditure of all grant funds received from the Council. Notwithstanding the expiration and termination provisions of paragraphs 4.01 and 4.02, such ~counts and records shall be kept and maintained by the Grantee for a period of six (6) years following the completion of the project activities described in Attachment A or six (6) years following !he expenditure of the grant funds, whichever occurs earlier. For all expenditures of grant funds received pursuant to this agreement, the Grantee will keep proper financial records including invoiges, contracts, receipts, vouchers and other appropriate documents sufficient to evidence in proper detail the nature and propriety of the expenditure. Accounting methods shall be in accordance with generally accepted accounting, principles. 3.02 Audits. The above accounts and records of the Grantee shall be audited in the same manner as all other accounts, and records of the Grantee are audited and may be audited or inspected on the Grantee's premises or otherwise by individuals or organizations designated and authorized by the Council at any time~ following reasonable notification to the Grantee, for a period of six (6) years- following the ~Ompletion of the project activities described in Attachment A or six (6) years following the expenditure of the grant funds, whichever occurs earlier. 3.03 Report R~quirements. The Grantee will provide to the Council one or more written reports which report on the :status of the project activities described in Attachment A and the expenditures of the grant funds. The reporting schedule and the content of the written report(s) are identified in Attachment C, which is incorporated into and made a part of this agreement. 3.04 Environniental Site Assessment. The Grantee represents that a Phase I Environmental Site Assessment or Other environmental review has been or will be carried out, if such environmental Page 3 of 6 Pages