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Transit Financial Assistance Grant Agreement Regional Sales and Use Tax from the Council. Notwithstanding the expiration and termination provisions of Sections 7.02, 7.03, 7.04, and 7.05 such accounts and records shall be kept and maintained by the Grantee until the latest of (1) a period of six (6) years following the completion of the Project activities described or identified in Exhibit A, or (2) six (6) years following the expenditure of grant funds, or (3) if any litigation, claim, or audit is commenced during either such period, when all such litigation, claims or audits have been resolved. Accounting methods shall be in accordance with generally accepted accounting principles. If the Grantee engages any contractor to perform any part of the Project activities, the Grantee must include in its contract provisions requiring the contractor to establish and maintain Project information in accordance with the provisions of this Paragraph 4.01. 4.02 Audit. The above accounts and records of the Grantee shall be audited in the same manner as all other accounts and records of the Grantee are audited and may be audited or inspected on the Grantee's premises or otherwise by individuals or organizations designated and authorized by the Council at any time, following reasonable notification to the Grantee, for a period of six (6) years following the completion of the Project activities or six (6) years following the expenditure of the grant funds, whichever occurs earlier. Pursuant to Minnesota Statutes, section 16C.05, subdivision 5, the books, records, documents, and accounting procedures and practices of the Grantee that are relevant to this Agreement are subject to examination by the Council and either the Legislative Auditor or the State Auditor, as appropriate, for a minimum of six (6) years. V. SEMI-ANNUAL AND FINAL REPORTING 5.01 Semi -Annual Reporting. During the Grant Activity Period the Grantee must submit semi- annual progress reports to the Council by July 31 and January 31 of each calendar year of this Agreement. In its report, the Grantee shall describe the current Project spending and projected spending from January to June, and from July to December. The report shall also include the construction activities taken during the reporting period. The Grantee shall provide sufficient documentation thereof and such other information as the Council's staff reasonably requests. 5.02 Final Report. Prior to the final reimbursement, the Grantee shall submit to the Council a final project report for Council review and approval. The Grantee must submit the closeout requirements in a format determined by the Council providing the total Project receipts and expenditures, summarizing all Project activities, and containing a certification by the Grantee's authorized financial representative (e.g., CFO, Financial Director) that all grant funds were expended in accordance with this Agreement. 6 Approved by OGC 12/16/24