R2014-104 ACCEPTING THE BID & AUTHORIZING CONTRACT FOR UNION STREET REHABILITATION PROJECT

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b) After the receipt of this notification,the Agency shall confirm in writing the acceptability of the loan recipient's response or take appropriate action. c) In the event that the loan recipient fails to comply with the above requirements,the Agency shall promptly issue a notice of delinquency which requires a written response within 30 days. d) Failure to take appropriate action shall cause the Agency to pursue the collection of the amounts past due,the outstanding loan balance and the costs thereby incurred,either pursuant to the Illinois State Collection Act of 1986 (30 ILCS 210)or by any other reasonable means as may be provided by law. 11. SINGLE AUDIT ACT Federal funds from Capitalization Grants for the Clean Water State Revolving Fund (i.e. see Catalogue of Federal and Domestic Assistance number 66.458), which the Agency receives from the U.S. Environmental Protection Agency, may be used for this loan. Receipt of federal funds may require an annual audit which conforms to the Single Audit Act and O.M.B. Circular A-133. If a Single Audit is required, all loans from both the Clean Water and Drinking Water State Revolving Fund receiving federal funds must be audited and included in the audit report. The Agency will notify the recipient of any federal funds disbursed during the recipient's fiscal year. 12. SUBCONTRACTS UNDER CONSTRUCTION CONTRACTS The award or execution of all subcontracts by a prime contractor and the procurement and negotiation procedures used by such prune contractor in awarding or executing such subcontracts shall comply with: a) All provisions of federal, State and local law. b) All provisions of 35 I11.Adm. Code 365 with respect to fraud and other unlawful or corrupt practices. C) All provisions of 35 111.Adm. Code 365 with respect to access to facilities,records and audit of records. 13. REQUIREMENTS OF BOND ORDINANCE If the dedicated source of revenue is pledged in a subordinate position to an existing revenue bond ordinance,the covenants regarding coverage and reserve shall be in accordance with 35 Ill. Adm. Code 365.940. 14. RECORDS RETENTION The loan recipient agrees to establish and maintain the books and other financial records pertaining to this project in accordance with Generally Accepted Accounting Principles. The loan recipient shall maintain all books and records pertaining to this project for a period not less than 3 years from the date of the final loan closing. All records pertaining to the issuance of bonds and the repayment of this loan shall be maintained for a period not less than 3 years from the final repayment date. The loan recipient agrees to permit the Agency or its designated representatives, including the Illinois Auditor General and the Illinois Attorney General, to inspect and audit the books and financial records pertaining to the project and the expenditure of the loan funds related thereto. 15. CONTINUING DISCLOSURE The recipient covenants and agrees that, if at any time the Agency shall notify the recipient that the recipient is deemed to be an "obligated person" for purposes of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934(the"Rule"),the recipient shall promptly execute an undertaking in form acceptable to the Agency in compliance with the Rule in which the recipient shall agree, among other things, to provide annual financial information (as defined in the Rule) with respect to the recipient to all required information repositories for so long as the recipient shall be deemed an obligated person. The recipient shall be deemed to be an obligated person at any time the aggregate principal amount of one or more of the recipient's outstanding loans with the Agency,which are pledged to secure bonds issued on behalf of the Agency,exceeds a percentage(currently 20%)of the aggregate principal amount of all loans of the Agency pledged to secure such bonds. 16. WAGE RATE REQUIREMENTS PAGE 3 OF 4