Ordinance 2001-136 - Laserfiche WebLink

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succeed Chapter 62-504.) To the extent that any assurance, representation, or covenant requires a future action, the Local Government shall take such action as is necessary for compliance. (8) The Local Government shall maintain records using Generally Accepted Governmental Accounting Standards established by the Governmental Accounting Standards Board. As part of its bookkeeping system, the Local Government shall keep accounts of the Stormwater System separate from all other accounts and it shall keep accurate records of all revenues, expenses, and expenditures relating to the Stonnwater System, and of the Pledged Revenues, Loan disbursement receipts, Loan Debt Service Account, and Loan Repayment Reserve Account. (9) In the event the anticipated Pledged Revenues are shown by the Local Government's annual budget to be insufficient to make the Semiannual Loan Payments for such Fiscal Year when due, the Local Government shall include in such budget other legally available funds which will be sufficient, together with the Pledged Revenues, to make the Semiannual Loan Payments. Such other legally available funds shall be budgeted in the regular annual governmental budget and designated for the purpose provided by this Subsection, and the Local Government shall collect such funds for application as provided herein. The Local Government shall notify the Department immediately in writing of any such budgeting of other legally available funds. Nothing in this covenant shall be construed as creating a pledge, lien, or charge upon any such other legally available funds, or requiring the Local Government to levy or appropriate ad valorem tax revenues, or preventing the Local Government from pledging to the payment of any bonds or other obligations all or any part of such other legally available funds. (10) Beginning with the Fiscal Year in which the Loan Agreement is executed and continuing for each year thereafter until the Loan is retired, the Local Government shall submit annual audit reports to the Department. The audits shall be conducted under Section 11.45, Florida Statutes. Such audits shall address at a minimum the Local Government's financial condition, accounts of the Stormwater System or other sources generating the Pledged Revenues, Loan disbursements received and Project expenditures (if any), and compliance with the Loan Agreement covenants. Beginning with the Fiscal Year ofthe first Semiannual LQal!. Payment, the scope of audits shall encompass the Loan Debt Service Account and Loan Repayment-Reserve Account. The Local Government shall cause its auditor to notify the Department immediately if anything comes to the auditor's attention during the annual examination of the Local Government's records that would constitute a default under the Loan Agreement. (II) Within 12 months of the amendment establishing final project costs, the Local Government shall submit to the Department a separate audit report, by an independent certified public accountant, of the Loan related revenues and expenditures. The audit shall be conducted in accordance with Government Auditing Standards issued by the Comptroller General of the United States. The audit shall address whether the Local Government complied with requirements set forth in the Loan Agreement, including applicable State and Federal laws and regulations referenced in Subsection (7) above. The audit findings shall set aside or question any costs that are unallowable under Rule 62-504, Florida Administrative Code, or succeeding rules. A final determination of the allowability of such costs shall be made by the Department. However, this separate audit shall not be required if the only disbursements of Loan proceeds under this Agreement, as amended, are for the administrative, planning, and engineering allowances and Loan Repayment Reserve. (12) Each year, beginning three months before the first Semiannual Loan Payment and ending with the year during which the final Loan repayment is made, the Local Government's Authorized Representative or its chief financial officer shall submit, no later than the date established in Section 10.07, a certification that: (a) Pledged Revenue collections satisfy, on a pro rata basis, the rate coverage 4