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So long as there is any outstanding bond remaining to be redeemed under a bond issue, the City Council will, in its discretion, require that the applicant whose financing of a project is approved shall, whenever requested by the authority:

(a) Permit an audit or examination of its books and records by an independent firm of certified public accountants at a reasonable time to determine whether the provisions of the bond issue have been complied with and pay the cost of this audit or examination. (The applicant may be required to provide a retainer with the City to issue the payment of such an audit.)

(b) Permit the City Council or its agents access to the applicant’s books and records at a reasonable time.

(c) Submit, on written request of the City Council, a sworn statement by a responsible officer of the applicant as to the purposes to which bond proceeds have been applied.

(Ord. 505)