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Name of Recipient Agreement No.: XX-XXX-550 Project No.: C-06-XXXX-XXX 2.5 Solvency. None of the transactions contemplated by this Agreement will be or have been made with an actual intent to hinder, delay, or defraud any present or future creditors of Recipient.As of the date set forth on the first page hereof, Recipient is solvent and will not be rendered insolvent by the transactions contemplated by this Agreement. Recipient is able to pay its debts as they become due. 2.6 Legal Status and Eligibility. Recipient is duly organized and existing and in good standing under the laws of the State of California, and will remain so during the term of this Agreement. Recipient shall/at all times maintain its current legal existence and preserve and keep in full force and effect its legal rights and authority. Recipient shall maintain its eligibility for funding under this Agreement for the to ni of this Agreement. 2.7 Financial Statements. % z/v� The financial statements of Recipient previously delivered to the State Water,Board as of the date(s) set forth in such financial statements: (a)are materially.complete and correct;'(b)jpresent fairly the financial condition of the Recipient; and (c) have been prepared in accordance with generally accepted accounting principles or other accounting standards reasonably,approved by the State Water Board. Since the date(s) of such financial statements, there has been no material adverse change in the financial condition of the Recipient, nor have any assets orproperties reflected on.such,flnancial statementsa been sold, transferred, assigned, mortgaged, pledded`or encumbered;exceptaas previously disclosed in writing by Recipient and approved in writing by the.State Water Board.\ . 2.8 Completion of Project. The Recipient agrees to expedit of usly proceed,with and complete.construction of the Project in substantial accordance-*ith.EkhibitKand Exhibit A-FBA. �r` N ..t 2.9 Project Completion Report. ; 'j \ L \ The Recipientshall'submit a Pr ject i Completion..Reportto•the Division with a copy to the appropriate Regionai,Water Quality Control Board/on or before the duedate established by the Division and the Recipient atthe time of finaiprojeatinspection. The.Project Completion Report must address the following: y N. N N �" (a) describe the Project, \ (b) describe the water quality problem-the Project sought to address, (c) discuss the Project's likelihood of successfully addressing that water quality problem in the future, and N (d) summarize•compliance with environmental conditions, if applicable. Where the Recipient fails to submit a timely Project Completion Report, the State Water Board may stop processing pending or future applications for new financial assistance, withhold disbursements under this Agreement or other agreements, and begin administrative proceedings. 2.10 Award of Construction Contracts. (a) The Recipient agrees to award the prime construction contract no later than the date specified in Exhibit A. (b) The Recipient agrees to promptly notify the Division in writing both of the award of the prime construction contract for the Project and of Initiation of Construction of the Project. The Recipient agrees to make all reasonable efforts to complete construction in substantial conformance with 5