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o7' <br /> 2.5. BOOKS OF ACCOUNT AND RECORDS• REPORTS. <br /> A. The PEA shall maintain complete and accurate books of <br /> account and records for the Program. The books and <br /> records shall be in accordance with BUD requirements, <br /> and shall permit a speedy and effective audit. <br /> B. The PEA shall furnish HUD such financial, operating, <br /> and statistical reports, records, statements, and <br /> documents at such tines, in such form, and accompanied <br /> by such supporting data as required by BUD. <br /> C. BUD and the Comptroller General of the United States, <br /> or their duly authorized representatives, shall have <br /> full and free access to all PEA offices and <br /> facilities, and to all the books, documents, papers, <br /> and records of the PHA that are pertinent to operation <br /> and management of the Program, including the right to <br /> audit, and to make excerpts and transcripts from the <br /> books and records. <br /> D. The PHA shall be responsible for engaging and paying <br /> an independent public accountant for the caking of <br /> audits as required by BUD. The cost of audits <br /> required by BUD may be charged against Program <br /> Receipts. <br /> 2.6. DEPOSITARY. <br /> A. The PEA shall enter into one or more agreements, which <br /> are collectively called the Depositary Agreement,' <br /> with financial institutions which are selected as <br /> depositary by the-PEA, and whose accounts are insured <br /> by an agency of the Federal Government. The <br /> Depositary Agreement shall be in the form prescribed <br /> by BUD, and the PHA shall furnish to BUD such copies <br /> of the Depositary Agreement as BUD may require. <br /> B. All Program Receipts shall be promptly deposited with <br /> the Depositary under the Depositary Agreement unless <br /> otherwise required or permitted by BUD. The PEA may <br /> withdraw Program Receipts subject to the Depositary <br /> Agreement only for use in connection with the Program <br /> in accordance with BUD regulations or other <br /> requirements. No withdrawal shall be made except in <br /> accordance with a voucher on file in the office of the <br /> PEA stating in proper detail the purpose of the <br /> withdrawal. <br /> Page 4 of 9 pages BUD 52520 E (June 1985) <br />