31 Tex. Admin. Code § 375.110 - Authority of the Executive Administrator

(a) The financial assistance provided by the Board is based on the project's economic feasibility, and the Board shares the Applicant's desire to maintain this feasibility in the project's operation and maintenance at all times. The executive administrator shall periodically inspect, analyze, and monitor the project's revenues, operation, and any other information the Board requires in order to perform its duties and to protect the public interest.

(b) After construction is complete, the executive administrator is authorized:

(1) to inspect the project at any time. If the executive administrator determines that the project is being improperly or inadequately operated and maintained to the extent that the project purposes are not being properly fulfilled or that integrity of the State's investment is being endangered, the executive administrator may require the Applicant to take corrective action;

(2) to inspect certified copies of all minutes, operating budgets, monthly operating statements, contracts, leases, deeds, audit reports, and other documents concerning the operation and maintenance of the project;

(3) to inspect and review the project and to obtain information through documents or interviews with appropriate personnel to ensure the Applicant is complying with the requirements of the covenants of the bond indenture and/or the master agreement;

(4) to inspect accounting and financial records to ensure that the Applicant maintains debt service fund accounts and all other fund accounts related to the CWSRF debt in accordance with standards set forth by the Governmental Accounting Standards Board; and

(5) to request the Applicant to determine the status of compliance with mitigation measures as required in the final environmental determination.

Notes

31 Tex. Admin. Code § 375.110

The provisions of this §375.110 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615