| (a) The financial assistance provided by the Board
is based on the project's economic feasibility, and the Board shares
the Applicant's desire to maintain this feasibility in the project's
operation and maintenance at all times. The executive administrator
will periodically inspect, analyze, and monitor the project's revenues,
operation, and any other information the Board requires in order to
perform its duties and to protect the public interest.
(b) After construction is complete and the Applicant
has completed construction, the executive administrator is authorized
to:
(1) inspect the project at any time. If the executive
administrator determines that the project is being improperly or inadequately
operated and maintained to the extent that the project purposes are
not being properly fulfilled or that integrity of the State's investment
is being endangered, the executive administrator may require the Applicant
to take corrective action;
(2) inspect certified copies of all minutes, operating
budgets, monthly operating statements, contracts, leases, deeds, audit
reports, and other documents concerning the operation and maintenance
of the project;
(3) inspect and review the project and to obtain information
through documents or interviews with appropriate personnel to ensure
that the Applicant is complying with the requirements of the covenants
of the bond indenture and/or the master agreement;
(4) inspect accounting and financial records to ensure
that the Applicant maintains debt service fund accounts and all other
fund accounts related to the DWSRF debt in accordance with standards
set forth by the Governmental Accounting Standards Board; and
(5) request the Applicant to determine the status of
compliance with mitigation measures as required in the final environmental
determination.
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