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2011 - 10-10-2011 Spec. Meeting
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2011 - 10-10-2011 Spec. Meeting
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515 <br />(3) The LCEDC agrees that it will supply such records, information and verification <br />relating to expenditures of the funds or the operations of the LCEDC as may reasonable be <br />requested by the COUNTY. The LCEDC agrees that the COUNTY shall have access to the <br />records and premises of the LCEDC at all reasonable times, and the LCEDC agrees to submit <br />such reports as the COUNTY shall request pertaining to the funds granted herein or the <br />operations of the LCEDC. The LCEDC shall maintain a written accounting and documentation <br />of all of its receipts and disbursements relating to the grant funds which are the subject of this <br />Agreement. <br />The COUNTY reserves the right to require a certified audit pertaining to the use of grant <br />funds, or may perform the audit through the use of its staff. The LCEDC agrees to subject itself <br />to the provisions of Article 33C of Chapter 143 of the North Carolina General Statutes, entitled <br />"Meetings of Public Bodies" to the same extent as the COUNTY. <br />(4) The LCEDC shall furnish to the COUNTY a copy of its audit report performed by <br />a certified public accountant as soon as such becomes available to the LCEDC, but not later than <br />six (6) months following the LCEDC'S fiscal year end. <br />.(5) Funds will be disbursed to the LCEDC by reimbursement to the LCEDC for <br />expenses occurred in accordance with the attached Budget, unless otherwise specified in the <br />attachments. <br />(6) The COUNTY may suspend or terminate the payment of grant funds in whole or <br />in part for any violation of this Agreement. Suspension or termination may be affected for the <br />following reasons as determined by the COUNTY, but not limited to these reasons: <br />a) Ineffective or improper use of grant funds; <br />b) Failure to comply with the terms and conditions of the Agreement; <br />C) Submission to the COUNTY of reports which are incorrect or <br />incomplete in any material respects; <br />d) Frustration or impossibility of performance, rendering the carrying <br />out of this Agreement improper or unfeasible. <br />In addition, the COUNTY may suspend or terminate payment of grant funds if the <br />LCEDC fails to make satisfactory progress towards meeting the project services <br />which are the subject of this Agreement and the determination of whether <br />satisfactory progress has been made shall be in the discretion of the COUNTY. <br />If for any reason the payment of grant funds is suspended or terminated, the <br />LCEDC agrees to promptly remit to the COUNTY all payments previously <br />received by the LCEDC which the COUNTY deems to have been paid and <br />received in violation of this Agreement. <br />10 of 18 <br />
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