R2004-31 AUTHORIZING AGREEMENT - Laserfiche WebLink

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, � . request additional information as necessary before processing reimbursement requests. Reimbursements will only be processed if NHDC is current with submissions of monthly reports. B. Reimbursement Reimbursements to NHDC will be made upon receipt by the City of Pay Requests and all supporting documentation. Supporting documentation shall include invoices or receipts for payment, lien waivers, and final inspection reports on any work for which City permits and inspections are required. NHDC shall submit pay requests to the City at least once, and not more than twice,per month. The City will pay to NHDC funds available under this contract based upon information submitted by NHDC and consistent with any approved budget as long as they were incurred after the Notice to Proceed was issued. Payments will be made for eligible expenses actually incurred by NHDC, and not to exceed actual cash requirements. In addition, the City reserves the right to reduce funds available under this contract for costs incurred by the City on behalf of N�IDC, as long as NHDC is given sufficient notification of and explanation for this action. III. ADMIl�IISTRATIVE REQUIREMENTS A. Financial Management. 1. NHDC shall maintain a proper accounting system as approved by HUD for HOME funds, as set forth in OMB Circular A-122 and certain provisions of 24 CFR Part 84. A separate account shall be established especially for the HOME Program funds. NHDC agrees to adhere to generally accepted accounting principles and procedures, utilize adequate internal controls, and maintain necessary source documentation for all costs incurred. 2. Proper accounting shall be verified by an annual Certified Audit conducted by an independent, qualified certified public accountant. Results of the annual audit shall be submitted to the City within 6 months after the end of NHDC's fiscal year. Any deficiencies noted in audit reports must be fully cleared by NHDC within 30 days after receipt by the City. Failure of NHDC to comply with the above audit requirements, without City approval of a justifiable cause, will constitute a violation of this contract and may result in the withholding of future payments. B. Record-Keeping NHDC shall maintain records on all activities conducted using HOME program funds. Such records shall provide a full description of each activity undertaken, demonstrate project eligibility and approval, all project closeout requirements, financial and payout documentation, and such other information as deemed necessary. Records shall be maintained for at least five years after final project closeout. �