§722 — Title 45 Railroads | U.S. Code

Summary

Recipients of loans, obligations, or other financial help must keep the records the Association or the Secretary requires. Those records must show how much money was received, how it was spent, and any other papers needed for a proper audit. The Association, the Secretary, and the Comptroller General of the United States (or their authorized representatives) may inspect and audit those records for up to 3 years after the final system plan is put into effect. The Association (or its representatives) may also inspect records until the help has been repaid to check the recipient’s ability to repay, how the money was used, and whether the final system plan and the law’s policy goals are being carried out.

Title 45, §722

Railroads — Source: USLM XML via OLRC

(a)Each recipient of financial assistance under this subchapter, whether in the form of loans, obligations, or other arrangements, shall keep such records as the Association or the Secretary shall prescribe, including records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance and such other records as will facilitate an effective audit.

(b)The Association, the Secretary, and the Comptroller General of the United States, or any of their duly authorized representatives shall, until the expiration of 3 years after the implementation of the final system plan, have access for the purpose of audit and examination to any books, documents, papers, and records of such recipients which in the opinion of the Association, the Secretary, or the Comptroller General may be related or pertinent to the loans, obligations or other arrangements referred to in subsection (a) of this section. The Association or any of its duly authorized representatives shall, until any financial assistance received under this subchapter has been repaid to the Association, have access to any such materials which concern any matter that may bear upon—

(1)the ability of the recipient of such financial assistance to make repayment within the time fixed therefor;

(2)the effectiveness with which the proceeds of such assistance is used; and

(3)the implementation of the final system plan and the realization of the declaration of policy of this chapter.

Statutory Notes and Related Subsidiaries

Abolition of United States Railway Association and

Transfer of Functions

and Securities See section 1341 of this title.

§722 Records, Audit, and Examination

Summary

Title 45, §722

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Transfer of Functions

Citations & Metadata