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, .� .. . k <br /> other assets acquired with grant funds. The Grantee shall keep records sufficient to <br /> permit the tracing of funds to a level of expenditure adequate to insure that funds have <br /> been expended in accordance with the terms of this Agreement. <br /> 4.6 GRANT DELIVERABLES. The Grantee will submit the following Grant deliverables <br /> in accordance with the Grant Agreement provisions referenced herein: <br /> (i) Project Status and Expense Reports, if applicable (Section 2.5) <br /> (ii) Financial Close-out Package (Section 5.4B); and <br /> (iii) Audit (if applicable) (Section 2.1 and Section 5.4C). � <br /> 4.7 PROCUREMENT OF CONSTRUCTION AND PROFESSIONAL SERVICES• <br /> ACOUISITION OF EOUIPMENT OR LAND The Grantee shall procure all construction <br /> and professional services, and acquire land, equipment and materials financed in whole <br /> or in part with grant funds provided hereunder, through written, contractual <br /> agreement(s), which specify the rights and obligations of both parties relevant to the <br /> specified transaction. <br /> 4. D <br /> 8 UE DILIGENCE IN EXPENDITURE OF FUNDS. Gran <br />, tee shall ensure that rant <br /> g <br /> funds are expended in accordance with the following principles: <br /> (i) Grant expenditures should be made in accordance with generally accepted sound <br /> business practices, arms length bargaining, applicable Federal and State laws and <br /> regulations, and the terms and conditions of this Agreement; <br /> (ii) Grant expenditures should not exceed the amount which would be incurred by a <br /> prudent person under the circumstances prevailing at the time the decision is made to <br /> incur the costs; and <br /> (iii) Grant expenditures should be consistent with generally accepted accounting <br /> principles. <br /> 4.9 LEGAL COMPLIANCE. In addition to complying with the statutes and regulations <br /> � specifically referenced in this Agreement, the Grantee is responsible for determining the � <br /> applicability of and complying with any other laws, regulations, ordinances, etc., which . ' <br /> govern the Grantee's performance of the activities described in Part III hereof, including, <br /> but not limited to purchasing/procurement rules, the Prevailing Wage Act (820 ILCS ' <br /> 130/0.01 et seq.) and the Interagency Wetlands Policy Act (20 ILCS 830/1 et. seq.). �� <br />