R2001-17 AUTHORIZING SUBRECIPIENT AGREEMENTS

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5. Propertv Records I The Subrecipient shall maintain real properry inventory records which clearly identify properties purchased, improved, or sold. Properties retained sha11 continue to meet eligibility criteria and shall conform with the "changes in use" restrictions specified in 24 CFR � Parts 570.503 (b) (8). 6. National Obiectives � �I The Subreci ient agrees to maintain documentation that demonstrates that the r activities carried out with funds provided under this contract meet one or more of the CDBG �'� program's national objectives - 1)benefit low/moderate income persons; 2) aid in the prevention I or elimination of slum or blight; 3)meet community development needs having a particular I urgency - as defined in 24 CFR Part 570.208. 7. Close-Outs - I Subrecipient obligation to the City shall not end until all close-out requirements are completed. Activities during this close-out period shall include, but are not limited to; making final payments, disposing of program assets (including the return of all unused materials, equipment, unspent cash advances,program income balances, and receivable accounts)to the City, and determining the custodianship of records. 8. Audits and Inspections All Subrecipient records with respect to any matters covered by this agreement sha11 be made available to the City, grantor agency,their designees or the Federal Govern.ment, at any time during normal business hours,as often as the City or grantor agency deems necessary, to audit, examine, and inake excerpts or transcripts of all relevant data. A.ny deficiencies noted in audit reports must be fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. Failure of the Subrecipient to comply with the above audit requirements will constitute a violation of this contract and may result in the withholding of future payments. The Subrecipient hereby agrees to have an annual agency audit conducted if total federal funds received equai $100,000 or more. . C. Reportin� and Pavment Procedures 1. Bud�ets The Subrecipient will adhere to the detailed contract budget, as revised(if , applicable), that was submitted with the application and attachment to the contract infers acceptance by the City. The City and the Subrecipient may agree to revise the budget from time to time as mutually agreed, only if it remains in conformance with City Council's wishes. 7 .