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<br />Council. In the event that the City Council fails or refuses to approve the proposed budget of the <br /> <br />Authority for the ensuing year by July 1 of that year, the Authority may continue to operate on <br /> <br />the Budget for the previous fiscal year for a period not to exceed six (6) months. If, at the end of <br /> <br />that period no budget has been approved by City Council, either the City or the Authority may <br /> <br />terminate this Agreement as provided in Article XXIII hereof. Termination of this Agreement <br /> <br />shall constitute the sole remedy of the parties under this circumstance. <br /> <br />By its approval of this Agreement, City Council hereby approves the Authority's 2007 <br /> <br />Budget which is attached hereto as Exhibit "A" and incorporated herein for all purposes. <br /> <br />B. Accounts, Records. and Accounting Reports. The Authority will maintain books <br /> <br />of records and accounts in which full, true, and proper entries will be made on all dealings, <br /> <br />transactions, business, and matters which in any way affect or pertain to the operation of the PID, <br /> <br />and the allocation and application of the Assessment Revenue. All such records shall be <br /> <br /> <br />maintained in accordance with generally-accepted accounting principles and shall be clearly <br /> <br /> <br />. . jdentified and readily accessible. The Authority shall provide free access to such books and <br /> <br /> <br />records, at all times, to the City or its representatives in order that they may examine and audit <br /> <br /> <br />the same and make copies thereof. The Authority shall further allow the City and its <br /> <br />representatives to make inspections of all work data, documents, proceedings, and activities <br /> <br />related to this Agreement. Such right of access and audit shall continue for a period of three (3) <br /> <br />years from the date of fmal payment under this Agreement. The Authority will operate on the <br /> <br />basis of a fiscal year which begins October 1 of each year. <br /> <br /> <br />c. Audit. At the end of each fiscal year (beginning with the fiscal year or fraction <br /> <br />thereof during which this Agreement is executed) the Authority will have an audit prepared by <br /> <br />an independent Certified Public Accountant for that fiscal year which shall be submitted to the <br /> <br />10 <br /> <br />HOU:2680299.1 <br />