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In the event that there is a revision of the Act and/or <br /> regulations which would make this Agreement out of compliance <br /> with the Act or regulations, both parties will review this <br /> Agreement to renegotiate those items necessary to bring the <br /> Agreement into compliance. <br /> <br /> Both parties understand and agree that the refusal to <br /> renegotiate this Agreement will result in the effective termination <br /> of the Agreement as of the date it is no longer in compliance <br /> with the Act and/or Regulations. <br /> <br /> All'funds received by the County under the Act shall be <br /> deposited in the County treasury. <br /> <br /> Municipality and County shall maintain a financial and other <br /> records and accounts in accordance with requirements of the Act <br /> and Regulations. Such records and accounts will be in such <br /> form as to permit reports required of the County to be prepared <br /> therefrom and to permit the tracing of grant funds and program <br /> income to final expenditure. <br /> <br /> Municipality and County agree to make available all records <br />and accounts with respect to matters covered by this Agreement <br />at all reasonable times to thei~ respective personnel and duly <br />authorized federal officials. Such records shall be retained <br />as provided by law, but in no event for a period of less than <br />three years from the date of completion of any activity funded <br />under the Act or less than three years from the last receipt of <br />program income resulting from activity implementation. County <br /> <br />shall perform all audits of the basic grant amounts and resulting <br />program income as required under the Act and Regulations. <br /> <br /> IN WITNESS WHEREOF, the parties have caused this Agreement to <br />be executed by its duly authorized officers and delivered on its <br /> <br />behalf this day of , 1980. <br /> <br /> <br />