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12. County and Municipality agree to undertake, begin, and complete the <br /> community development activities specified in Supplemental Cooperation <br /> Agreements in accordance with the Act, the rules, regulations, including subpart <br /> K of 24 CFR 570 and guidelines promulgated by HUD both now and in the future <br /> and in accordance with the terms and conditions specified in the Agreement and <br /> all Supplemental Cooperation Agreements, thereto, to-wit: <br /> A. Municipality agrees to establish and maintain on a current basis an <br /> adequate accrual accounting system in accordance with generally <br /> accepted accounting principles and standards. <br /> B. Municipality agrees to maintain books, records, documents, and <br /> other evidence of accounting procedures and practices, records of <br /> property purchased, and personnel and financial records, sufficient to <br /> reflect properly all direct and indirect costs of whatever nature <br /> claimed to have been incurred or anticipated to be incurred during <br /> the performance of the Agreement and Supplemental Cooperation <br /> Agreements. In addition, Municipality agrees to prepare and <br /> maintain such documents and reports as may be required by County <br /> for the preparation of reports required by the Act and HUD. <br /> 8 <br />