Okla. Admin. Code § 785:50-9-43

Current through Vol. 42, No. 7, December 16, 2024

Section 785:50-9-43 - Post building phase responsibilities of the recipient

(a) After the satisfactory completion of the project, the recipient shall be held accountable by the Board for the continued validity of all representations and assurances made to the Board. Continuing cooperation with the Board is required. To facilitate such cooperation and to enable the Board to protect the State's investment and public interest, the provisions of this subsection shall be observed.

(b) The Board is authorized to inspect the project and the records of operation and maintenance of the project at any time. If it is found 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 Board shall require the recipients to take appropriate action.

(c) The Board 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 in addition to the requirements of the covenants of applicable bond indenture and/or the loan agreement. The financial assistance provided by the Board is based on the project's economic feasibility, and the Board shares the recipient's desire to maintain this feasibility in the project's operation and maintenance at all times. The Board may 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.

Okla. Admin. Code § 785:50-9-43

Added at 10 Ok Reg 3333, eff 7-1-93; Amended at 17 Ok Reg 2772, eff 7-1-00

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018