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4. PAYMENTS. Contractor shall keep detailed and accurate records of all <br />expenditures made and expenses incurred which are funded under this agreement. Payments of <br />funds allocated pursuant to paragraph 1 shall be made to Contractor on a reimbursement basis as <br />follows: (i) Contractor shall submit requests for payment to City quarterly on forms provided by <br />City's Housing Coordinator; (ii) all requests for payment shall be accompanied by receipts or <br />other proof of expenditures. <br /> <br /> 5. STANDARD OF SERVICE. Contractor warrants to City that it will perform all <br />Program activities funded hereunder in accordance with the highest standards and shall be <br />responsible for, and hold City harmless from any failure to provide such activities in accordance <br />with such standard. Contractor shall verify that all activities funded hereunder benefit only <br />residents within City's corporate limits. <br /> <br /> 6. ANNUAL REPORT. Contractor shall submit a narrative report to City at the end <br />of the fiscal year describing the activities funded under this agreement. Said report shall include <br />the total number of direct beneficiaries with demographic information regarding income, <br />household composition, ethnicity, age and other data as required by City or the United States <br />Department of Housing and Urban Development and shall be submitted on forms provided by <br />City's Housing Coordinator. <br /> <br /> 7. FINANCIAL STATEMENT/ANALYSISI QUARTERLY REPORTS; AUDIT. <br /> Contractor shall make available to City, or the public, upon request, a financial statement and <br /> analysis setting forth in detail the manner in which, and the specific purposes for which, the <br /> funds paid hereunder were expended to the date of such accounting. In addition to the <br /> foregoing, and in any event, Contractor shall submit to City no a later than July 15, 2002, a <br /> detailed financial statement and analysis setting forth the foregoing information. Said statement <br /> and analysis may be combined with the end of the year narrative report submitted pursuant to <br /> paragraph 6. <br /> <br /> 8/15/01 <br /> 2 <br /> <br /> <br />