Revenue Bond Accounting & Auditing Services
As part of each annual audit, the contractor shall:
1.Review the Bond documents and related agreements to understand the fund structure and the transactional changes that have occurred since the previous year's audit was conducted,
2.Provide an independent review of the Program Loan Account, Loan Repayment Account, Debt Service Account, Surplus Repayments Account, Debt Service Reserve Account, Master Reserve Account, and the Administrative Expense Fund. Contractor will ensure that any funds scheduled for debt service payment are segregated and identified and interest on the funds and accounts pledged in support of the bonds are being properly tracked, reported and accounted for, including prepayments,
3.Provide a determination of whether the Energy Commission accounting and reporting procedures meet the requirements as set forth in the Bond documents and Continuing Disclosure Agreements,
4.Be available during the course of the contract for audit related questions of the parties to the bonds (Borrower, Issuer, Trustee, Financial Advisors, etc.), provide recommendations to the Energy Commission on procedures to improve and insure quality control of all accounts and sub-accounts pledged in support of the bonds, and provide other related duties to assist the Energy Commission in its management of the Bond Program and its compliance with the legal requirements of the Bond documents.
