Section 1100.455  Recordkeeping and Access to Information

Any municipality which receives program funds and its project participants shall:

a)         maintain separate, accurate accounts, records, and books with respect to the project in accordance with generally accepted principles of accounting consistently applied, such as the Codification of Governmental Accounting and Financial Reporting Standards (Governmental Accounting Standards Board, November 1, 1984);

b)         grant to the employees of the State or representatives of the Authority at all times during normal business hours and as often as the Authority may require, full and free access to the project and to its accounts, records, and books;

c)         permit the Authority or any accountants or auditors approved by the Authority to make periodic audits, excerpts or transcripts of the project accounts, statements and documents; and

d)         at the request of the Authority, furnish copies of documents or instruments related to the project in the possession of the municipality or the primary developer as the Authority may from time to time require.

(Source:  Amended at 11 Ill. Reg. 10895, effective May 27, 1987; recodified from 14 Ill. Adm. Code 1200.400 at 31 Ill. Reg. 12104)