1. (a) An applicant for a loan and a borrower who has an outstanding loan with the authority shall make its books and records, facilities, and its real and personal property of any kind, available for inspection at any reasonable time by the authority, or its agents, after receipt by the applicant or borrower of the authority's written request to inspect.
2. (b) The authority or its agents will, in the discretion of the authority, inspect, after giving reasonable notice, the construction of any project that is financed, in whole or in part, with a loan under this chapter. The inspection does not relieve the borrower from its obligation to comply with applicable codes and ordinances.
3. (c) A borrower that has obtained a loan from the authority shall permit the authority or its agents to inspect its books, records, facilities, and real and personal property for as long as any portion of the loan, including interest, remains outstanding.

4. (d) The authority will, in its discretion, by written request require a borrower who has obtained a loan from the authority to submit

   1. (1) at reasonable times to audits or examinations of its books and records by an independent firm of certified public accountants selected by the authority to determine whether the provisions of the loan agreement have been complied with and to pay the cost of those audits or examinations;
   2. (2) a sworn statement by a responsible officer of the borrower describing the purposes to which the proceeds of the loan have been applied.

(Eff. 2/16/96, Register 137)