25D - AGMT DOWNTOWN MERCHANTS FUND

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quarter falls on a weekend, holiday, or other day in which City Hall is closed, then said deposit shall be made the next day City Hall is open. (f) The City upon depositing DMF monies shall notify SABC by electronic mail of the net amount of funds deposited to SABC. Failure by SABC to receive or acknowledge electronic mail notification shall not constitute a breach of this Agreement. (g) All DMF expenditures must be for the purposes identified in the Downtown Enhancements and Parking Modernization Plan, and must be sufficiently documented by accompanying receipts, purchase invoices, or other permanent evidences of expenditure as may be prudently required by the City in accordance with Generally Accepted Accounting Principles and established City accounting procedures. If SABC expends any DMF money for unauthorized purposes, the City may, at its sole option, deduct the disputed amount from any future DMF payments to SABC, or may terminate the Agreement pursuant to the terms of section 4.05. (h) In the event questions arise relating to the payment of funds to SABC, SABC may within 15 days of notification request an accounting by the City of the amount of net funds disbursed to SABC. Thereupon the City shall re-evaluate the amount of such disbursement and give written notification of its decision to SABC which shall be final and conclusive. § 2.02 Bi -Amoral Financial Statement and Audit Every six (6) months (lune 30 and December 31), SABC shall submit to the City Manager a complete statement of SABC's revenues and expenditures and a financial audit for the preceding half- year prepared by an independent certified public accountant. § 2.03 Financial Records SABC shall keep, or cause to be kept, true, accurate and complete records, including double - entry books, a profit and loss statement, and a balance sheet, such that if possible at all times to determine the amount and nature of all revenues and expenditures. All expenditures and transactions shall be supported by documents of original entry such as sales slips, cash register tapes, and purchase invoice and receipts. All such account books, statements, balance sheets .and supporting documents shall be retained by SABC for a period of three (3) years after the end of the accounting year to which they pertain. § 2.04 Accounting Procedures SABC shall maintain a system of accounting according to Generally Accepted Accounting Practices. 25D-18