| (a) An entity that receives a loan under this subchapter
shall have an audit prepared annually by a certified public accountant
in accordance with generally accepted auditing standards and with
all other applicable federal and state requirements. The entity shall
cause the auditor to provide a full copy of the audit report and any
other management letters or auditor's comments directly to the department
within 30 days after the report and information have been provided
to the governing body of the entity.
(b) An entity that receives a loan under this subchapter,
on request of the department and at the entity's cost, shall provide
to the department:
(1) in a format acceptable to the department, an annual
report listing project expenditures, providing an accounting of proceeds
of a loan under this subchapter, and providing any other information
requested by the department; and
(2) a copy of any report the entity is required to
provide to a local, state, or federal agency.
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