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000k, : It ; <br />17 ... " � <br />"A <br />4 <br />Workman's compensation will be maintained as required by State law. <br />-public liability and property damage insurance will be maintained as recommended <br />an d approved by the FHA. If the Association will own <br />by the applicant's attorney <br />other vehicles that frequently will be driven over public' <br />trucks, tractors, or will be required. <br />liability and property damage insurance <br />highways, public <br />Fidelity -bond $ 1 000-00 ,000,on the position.of the treasurer and/or others <br />to the total amount Of funds <br />collections in an amount at least equal <br />who handle collec oan funs irequire. This <br />exclusive l <br />that will be on hand at any one time <br />to loan closing. Foorf m <br />FHA 440d-24,spositiondFidelity <br />bond will be obtained prior <br />Bond, will be used. <br />Construction Contract Documents and ,Bidding: <br />Exhibit J of M Instruction 442.1 will be followed by the Association and engi- <br />of this Exhibit are attached <br />neer or architect for all construction. Two copies <br />and one copy is to be delivered to your engineer or architect. <br />will be held after bid opening at a convenient <br />A pre -construction conference In attendance will be the designated represen ta- <br />ti <br />time to be scheduled by FHA. <br />tives of the Association, the consulting engineer, contractors' representatives <br />and FU personnel. <br />Accounts, Records and Audit Reports 2t9j1ired, <br />The Association will be required to keep accounts -and records on the operation <br />and apart from other records in accordance with the <br />of the facility separate <br />sociatious auditing firm set <br />Bond Ordinance. We suggest that the Association's develop a- e. <br />unless adequate -records -are already in use. <br />of records for this particular purpose <br />for maintaining such records of accounts will be selected <br />The person responsible <br />prior to loan closing - <br />It is imperative that the Association establish and maintain adequate business <br />and audits which will <br />management practices through a system of records, reports <br />assist the governing body in making effective decisions and thus help to insure <br />a successful operation. <br />FHA will be furnished management reports as Outlined in Parts IV, V and VI of <br />A copy Of this exhibit is attached along <br />-Exhibit D of FHA Instruction 442.1. <br />with copies of our forms to be used for periodic and annual reports. <br />Prior to loan closing the Association will enter into'a contract with a qualified <br />Requirements pertaining to audit reports <br />auditor to conduct the annual audit. <br />are contained -in a booklet, "FRA Instructions to Independent Certified Public <br />Two copies of this booklet are <br />Accountants and Licensed Public Accountants." <br />to 10 of the booklet for an example of an auditor - <br />attached. Please refer page <br />borrower written agreement. <br />All forms needed for required M reports will be furnished by this office. <br />000k, : It ; <br />17 ... " � <br />"A <br />