7.2. SR 02-20-2007 - Laserfiche WebLink

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BROOKINGS- TWIN CITIES DEVELOPMENT PROJECT AGREEMENT aforesaid. CMMP A shall give consideration to such dispute and shall advise the Participant with regard to its position relative thereto within one hundred and twenty (120) days following receipt of such written notice. Upon final determination (whether by agreement, arbitration, adjudication or otherwise) of the correct amount, any difference between such correct amount and such full amount shall be properly reflected in the Billing Statement next submitted to the Participant after such determination. The difference shall include an interest accrual. ARTICLE 5 REPORTS; RECORDS AND ACCOUNTS; P ARTICIP ANT INFORMATION Section 501. Reports. (a) CMMPA shall prepare, or cause to be prepared, and issue to the Participants the following reports for each Contract Year: (1) Financial and Operating Statement relating to the Development Project; (2) Status of Annual Budget; (3) Status of the Development Work. (b) CMMP A shall cause to be prepared and issued to the Participants the following reports no later than 180 days, or no later than such time as may be set forth in the Bond Resolution, after the conclusion of each Contract Year: (1) an Annual Audit as provided for in Section 502 of this Agreement; and (2) certain reports that may be required by the Bond Resolution. Section 502. Records and Accounts. CMMP A shall keep accurate records and accounts for the Development Project in a manner similar to the Federal Energy Regulatory Commission (FERC) Uniform System of Accounts and Generally Accepted Accounting Principles or such other system as may be reasonably approved by CMMP A. Such records and accounts shall be separate and distinct from CMMPA's other records and shall contain information supporting the allocation of CMMPA's indirect costs associated with the Development Project. A firm of certified public accountants, experienced in electric utility accounting for a similar organization, to be employed by CMMP A, shall audit such records and accounts annually. Such records and accounts shall be made available for inspection by the Participant at any reasonable time. Such annual certified audit, including all written comments and recommendations of such accountants, will be provided to the Participants in accordance with Section 501 ofthis Agreement. Section 503. Participant Information. The Participant agrees to supply CMMP A, upon request, with such information and documentation, including any opinions by an attorney or firm of attorneys, as CMMP A C:\Documents and Settings\Bryan\Local Settings\Temporary Internet Files\OLK53\Cap X Brookings 2-12-07 20 clean.doc