5/23/1973 - Laserfiche WebLink

Home Browse Search

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