Section 23013 - Auditing of Expenditure of Loan Proceeds (California Code of Regulations)

§ 23013. Auditing of Expenditure of Loan Proceeds

(a) The Board, or the Department of Finance, may audit the expenditure of the proceeds of any loan made pursuant to this Article.

(b) The Borrower shall maintain records in accordance with accepted government accounting standards. Records shall be retained at least three (3) years after expiration of the Agreement, or until completion of actions and resolution of all issues which may arise as a result of any litigation, claim, negotiation or audit, whichever is later.

Note: Authority cited: Sections 40502 and 48206, Public Resources Code. Reference: Section 48204(g), Public Resources Code.

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