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2,08 Effect of Grant. Issuance of this grant neither implies any Council responsibility for the contamination at the Site nor imposes any obligation on the Council to participate in the cleanup of the Site contamination or in. the l -eanup Costs beyond the Grant Amount of this Agreement. M. ACCOUNTING, ,AUDIT AND REPORT REQUIREMENTS 3.11 Accounting and Records. The Grantee agrees to establish and maintain accurate and complete accounts and records relating to the receipt and expenditure of all grant funds received from. the Council, Notwithstanding the expiration and termination provisions of Paragraphs 5.01 and 5.02, such accounts and records shial.l. be kept and maintained by the Grantee for a -period of six (6) years following the completion of the Project activities described in Attachment A or six (6) years following the expenditure of the grunt funds, whichever occurs earlier. Accounting methods shall be ire- accordance with genet-ally accepted accor.rr:rti ng principles. 3.02 Audits. "I'he 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 rrantee "s premises or other Tisc 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 ) years following the expenditure of the grant funds, whichever- occurs earlier. Pursuant to Minnesota Statutes section 16C.05, Subdivision 5, the boobs, records_ docrnnients and accotinti rig procedures and practices of the Grantee that are relevant to this Agreement are sul_)jcct to examination by the Council and el-ther the Legislative Auditor or the State Auditor. as appropriate, f-or a minrrllum of six (6) years. 3.03 Report Requirements. "Flee Grantee will report to the Council on the status of the Project activities described in Attachiiient A and the expenditures of the grant funds. Submission of properly completed payment request forms (with proper documentation) requi red Linder Paragraph 2,06 will Constitute periodic status reports. The Grantee also must complete and srnbMit to the COLHIC11 a grant activity closeout report. The closeout report form must be submitted wi -th the final payment request faun. or within 1 20 days after the e pitation or termination of this Agreement, whichever- occurs earlier. within 120 days after the Expiration Date,, the Grantee must complete and submit to the, Council a certification of e pend.ittrr'es of" funds faun signed by the Grantee" s chief financial officer or finance director. Vie form and con -teat of the closeout report and certification form will be determined by the Council- I -n addition to the periodic status re-ports.- the grant activity closeout report, and the certification f ornn, the Grantee rust submit to the Council by April 1. of the year following the expiration of this Agreement and by April I of each of the succeeding three (3) years, an annual written report that includes information about redevelopment activities, net tax capacity of the Site, and jobs resulting from Site cleanup. The fora and content of the annual written report will be determined by the Council. The reporting requirements of Paragraphs 3.03 and 3.04 sha l l survive the expiration or termination of this Agreement. 3,04 Certiricate of Completion. Upon completion of the Site cleanup, the Grantee will provide to the Council: (a) for hazardous waste or substance contamination, a copy of a certificate of completion for the Site issued by the Minnesota Pollution ontro l Agency pursuant to Minnesota Statutes section 1 f 5 .1 7, or a letter from. the Agency indicating that the approved voluntary response action plan for the Site has been implemented to the satisfaction of the Agency and that the Agency is Page 5 of 10 Pages �+ f)f