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ii <br /> <br />If the State determines that the Project is not being oper- <br />ated in accordance with the provisions of this Contract or <br />if the State determines that the Grantee has failed in any <br />other respect to substantially comply with the provisions of <br />this Contract, and if the Grantee does not remedy any such <br />failure to the State's satisfaction within ~0 days of <br />written notice by the State, the State may withhold from the <br />Grantee all or any portion of the Contract Commitment. <br /> <br />iii <br /> <br />Shou]~ the Grantee submit an acceptable proposal for water <br />main replacement in lieu of immediate leak repair, the State <br />shall withhold ten percent (104) of the leak survey portion <br />of the Contract Commitment until such water main replacement <br />is completed. <br /> <br />iv <br /> <br />The State may withhold all or any portion of the grant funds <br />provided for by this Contract in the event that the Grantee <br />has failed to provide a copy of a resolution passed by its <br />governing body authorizing execution of the contract and <br />designating an authorized representative to execute the <br />Contract and to sign all requests for disbursement. <br /> <br />(b) Withholding Entire Contract Commitment <br /> <br /> If the State notifies the Grantee that it has decided to withhold all <br />of the Contract Commitment from the Grantee pursuant to Subdivision (a) of <br />this Article, this Contract shall terminate upon receipt of written notice by <br />the Grantee and shall no longer be binding on either party. <br /> <br />ARTICLE A-IO. ACCOU~.~ING AND DEPOSIT OF DISBURSEMENTS <br /> <br /> Grantee agrees that audit and accounting procedures shall be in accord- <br />ance with generally accepted accounting principles and practices, consistently <br />applied, and will provide sufficient and effective accountability and control <br />of all Project funds. The Grantee further agrees to the following require- <br />ments: <br /> <br />(a) Record Keeping and Separate Accounting of Disbursements and <br /> Interes~ <br /> <br /> The Grantee shall account for the money disbursed pursuant to this <br />Contract separately from all other Grantee's funds. The Grantee shall keep <br />complete and accurate records of all receipts, disbursements, and expendi- <br />tures of such ~Dney. <br /> <br />(b) Disposition of Money Disbursed <br /> <br /> All money disbursed pursuant to this Contract shall be deposited, <br />~dministered, and accounted for pursuant to the provisions of law applicable to <br />the Grantee. <br /> <br />15 Contract B-550~~ <br /> <br /> <br />