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C. HUD and the Comptroller General of the United States, or
<br />their duly authorized representatives, shall have full and free
<br />access to all PHA offices and facilities, and to all the books,
<br />documents, papers, and records of the PHA that are pertinent
<br />to operation and management of the Program, including the
<br />right to audit, and to make excerpts and transcripts from the
<br />books and records.
<br />D. The PHA shall be responsible for engaging and paying an
<br />independent public accountant for the snaking of audits as
<br />required by HUD. The cost of audits required by HUD may be
<br />charged against Program Receipts.
<br />2.6. Depositary.
<br />A. The PHA shall enter into one or more agreements, which are
<br />collectively called the "Depositary Agreement', with
<br />6nancisi institution which are selected as depositary by the
<br />PHA, and whose accounts are insured by an agency of the
<br />Federal Government. The. Depositary Agreement shall be in
<br />the form pmcribed by HUD and the PHA shall furnish to
<br />HUD such copies of the Depositary Agreement as HUD may
<br />require.
<br />B- All Program Receipts shall be promptly deposited with the
<br />Depositary under the Depositary Agreement unless otherwise
<br />required or 1wWtted by HUD. The PHA may withdraw
<br />Program Receipts subject to the Depositary Agreement only
<br />for use in connection with the Program in accordance with
<br />HUD regulations or other requirements. No withdrawal shall
<br />be made except in accordance with a voucher on file in the
<br />Office of the PHA stating in proper detail the purpose of the
<br />withdrawal.
<br />C. As required by HUD, PHA funds in excess of current needs
<br />shall be promptly remitted to HUD or shall be invested in
<br />accordance with HUD requirements. Interest on the
<br />investment of Program Receipts shall constitute Program
<br />Receipts.
<br />D. The Depositary Agreement shall provide that the provisions of
<br />the Depositary Agreement may not be terminated or changed
<br />without written consent by HUD, and that if required under a
<br />written notice from HUD to the Dep&tary, (1) the Depositary
<br />shall not permit any withdrawal by the PHA of funds held
<br />under the Depositary Agreement unless withdrawals by the
<br />PHA are expressly authorized by written notice from HUD to
<br />the Depositary, and (2) the Depositary shall permit
<br />withdrawals of such funds by HUD.
<br />L If approved by HUD, the PHA may deposit under the
<br />Depositary Agreement monies received or held by the PHA in
<br />connection with any contract between the PHA and HUD.
<br />2.7. Default by PHA.
<br />A. Upon written notice to the PHA, HUD may take possession of
<br />all or any PHA property, rights or interests in caunection with
<br />the Pmgram, including funds held umdar the Depositary
<br />Agreeenent, Program Receipts, and rights or interests under a
<br />10
<br />contract f housing assistance payments with air owner,
<br />if
<br />L The PHA has failed to comply with any obligations
<br />under this ACC, or
<br />2. The PHA has failed b comply with obligations under
<br />a
<br />contract for housing assistance payments with an owner,
<br />or
<br />has failed to take appropsiale action, to HUD's satisfactionar
<br />as directed by HUD, for enforcement of the PHA's rights
<br />under a contract for housing assistance payments (irncl
<br />g
<br />requiring actions by the owner to cure a default, terminate
<br />or
<br />reduction of housing assistance payments, termirnad
<br />the
<br />contract for housing asaastarnce payments, or recov
<br />of
<br />overpayments), or
<br />X The PHA has made any misrepresentation to
<br />of
<br />any material fare.
<br />HUD shall issue a notice d the PHA giving the Palk
<br />a
<br />reasonable opportunity to tote corrective action before
<br />takes possession of PHA property, rights or interests Unft
<br />this section 2.7.A.
<br />B. If HUD has taken possession of PHA property, rights or
<br />interests under section 2.7.A, HUD shall redeliver pass= ion
<br />of the property, rights or interests as constituted at the tin of
<br />the return when HUD is satisfied that all defaults have Wen
<br />cured, and that the PrOrm will thereafter be adink.istered in
<br />accordance with this ACC
<br />C. HUD's exercise or non - exercise of any right or remedy under
<br />the ACC shall not constitute a waiver of HUD's right to
<br />exercise that or any other right or remedy at any time.
<br />D. During the term of this ACC, HUD shall continue to y
<br />annual contributions for the purpose of making hoes ing
<br />assistance payment's with respect to dwelling units un Jer
<br />contracts with owners, entered into by the PHA in the f rm
<br />prescribed by HUD and in accordance with HUD regulati ns
<br />and other requirements. The housing assistance pay me is
<br />shall be made in accordance with the terms of such con tc.
<br />2.& Fidelity Bond Coverage.
<br />The PHA shall carry adequate fidelity bond coverage, as
<br />required by HUD, of its officers, agents or employees
<br />handling cash or authorized to sign checks or certify vouchers.
<br />2.9. Nondiscrimination in Housing.
<br />A. The PHA shall comply with the nondiscriminat:
<br />requirements of Title VI of the Civil Rights Act of 1S
<br />prohibiting discrimination based on race, color or natio
<br />origin and Executive Order 11063 with respect to th
<br />provisions prohibiting discrimination based on religion or s
<br />and with implemenning HUD regulations.
<br />B. The PHA shall comply with Title VIII of the Civil Rights i
<br />of 1968 which prohibits discrimination in the sale, rental
<br />financing of housing on the basis of race, color, religion, s
<br />handicap, familial status or national origin and with a
<br />implementing regulations.
<br />C. The PHA shall comply with Section 504 of the Rehabil
<br />Act of 1973, as amended. which prohibits discrimi
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