2008 - 11-17-08 Regular Meeting - Laserfiche WebLink

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BOOK 22 PAGE 529 the funds granted herein or the operations of the LCEDC. The LCEDC shall maintain a written accounting and documentation of all of its receipts and disbursements relating to the grant funds which are the subject of this Agreement. The CITY reserves the right to require a certified audit pertaining to the use of grant funds, or may perform the audit through the use of its staff. The LCEDC agrees to subject itself to the provisions of Article 33C of Chapter 143 of the North Carolina General Statutes, entitled "Meetings of Public Bodies" to the same extent as the CITY. (4) The LCEDC shall furnish to the CITY a copy of its audit report performed by a certified public accountant as soon as such becomes available to the LCEDC, but not later than six (6) months following the LCEDC'S.fiscal year end. (5) Funds will be disbursed to the LCEDC by reimbursement to the LCEDC for expenses occurred in accordance with the attached Budget, unless otherwise specified in the attachments. (6) The CITY may suspend or terminate the payment of grant funds in whole or in part for any violation of this Agreement. Suspension or termination may be affected for the following reasons as determined by the CITY, but not limited to these reasons: a) Ineffective or improper use of grant funds; b) Failure to comply with the terms and conditions of the Agreement; C) Submission to the CITY of reports which are incorrect or incomplete in any material respects; d) Frustration or impossibility of performance, rendering the carrying out of this Agreement improper or unfeasible. In addition, the CITY may suspend or terminate payment of grant funds if the LCEDC fails to make satisfactory progress towards meeting the project services which are the subject of this Agreement, and the determination of whether satisfactory progress has been made shall be in the discretion of the CITY. If for any reason the payment of grant funds is suspended or terminated, the LCEDC agrees to promptly remit to the CITY all payments previously received by the LCEDC which the CITY deems to have been paid and received in violation of this Agreement. (7) If for any reason the project as described in Exhibits "B" and "D" shall not satisfy the minimum conditions as set forth in those exhibits, then LCEDC shall seek reimbursement of any deficiency from the party who received the incentives made possible by this grant or appropriation and upon receipt of same shall remit them promptly to the CITY. (8) Any and all alterations in the restrictions and conditions upon the grant of funds herein or alterations in the amount of this Budget attached hereto shall be subject to prior review and written approval by the CITY. 17 of 26