94- 376 C.M.R. ch. 595, § G

Current through 2024-51, December 18, 2024
Section 376-595-G - Post Building Phase
1.Responsibilities of Eligible Applicant. After the satisfactory completion of the Project, the Eligible Applicant shall be held accountable by the Department for the continuing validity of all of the Eligible Applicant's representations and assurances. To facilitate continuing cooperation and to enable the Department to protect the State's investment and the public interest, the following provisions must be observed.
(a) Department Inspections. The Department is authorized to inspect the Project and the records of operation and maintenance of the Project at any time. If the Department finds that the Project is being improperly or inadequately operated and maintained to the extent that the purposes of the Project are not being properly fulfilled or that the integrity of the State's investment is being endangered, the Department must require the applicant to take corrective action.
(b) Operation and Maintenance. The Department or the Bank may request 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.
(c) Fund Accounts. The Eligible Applicant shall maintain debt service fund accounts and other fund accounts related to the SRF debt in accordance with standards set forth by the Bank.
(d) Mitigation Measures. Eligible Applicants required to implement mitigation measures as a result of the environmental review process shall continue to implement those measures, if applicable.
2.Final Accounting. Upon completion of the Project performance period, a final accounting will be made to the Bank in accordance with subsection C(4)(e)(iii) of this rule (relating to required legal data).

94- 376 C.M.R. ch. 595, § G