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existence,or powers of the Issuer or the titles of its officials to their offices,(ii)enjoin or restrain the issuance,sale,and delivery of the Bond,the levy of the Tax,or the pledge of Tax collections, (iii)in any way question or affect any of the rights,powers,duties,or obligations of the Issuer with respect to the Tax collections,(iv)in any way question or affect any authority for the issuance of the Bond or the validity or enforceability of the Bond,the Bond Ordinance or the Tax Ordinance, or (v) in any way question or affect this Agreement or the transactions contemplated by this Agreement,or any other agreement or instrument relating thereto to which the Issuer is a party; (f) The Tax has been duly levied under the Authorizing Legislation and the Tax Ordinance,and the Tax collections have been duly pledged to the payment of the Bond under the Bond Ordinance pursuant to the authority granted by the Authorizing Legislation;and (g) The Issuer will promptly remit each Disbursement to the person or persons to whom payment is then due and owing. 11. The Issuer covenants and agrees with the Commission and the Authority: (a) To comply with all applicable Arkansas and federal statutes and regulations, including particularly,without limitation,Title XV Rules. (b) To utilize and expend the proceeds of the Bond in a timely and expeditious manner by:(1)utilizing Bond proceeds for eligible Project costs and approved issuance costs,(2) proceeding expeditiously with and completing the Project, and (3) completing all facilities recommended in the approved facilities plan; (c) To establish and maintain adequate financial records for the Project in accordance with "generally accepted governmental accounting standards" defined as, but not limited to,those contained in the U.S.General Accounting Office(GAO)publication"Standards for Audit of Governmental Organizations, Programs, Activities and Functions" (February 27, 1981),and make these records available to the Commission or its authorized representatives; (d) To undertake the Project on its own responsibility and release and hold harmless the Commission and the Authority,and their officers,members,directors and employees, from any claim arising in connection with the design,construction,or operation of the Project or any other aspect of the water facilities of the Issuer,including any matter due solely to their own negligence; (e) To comply with all terms and conditions of any construction contracts, architectural or engineering agreements, and other agreements to which the Issuer is a party affecting the Project,the premises of the water facilities of the Issuer, and its operations and to require or cause to be required its construction contractor to fumish both a performance bond and payment bond in the full amount of the construction contract for the Project; (f) To become familiar with and comply with all federal and state laws pertaining to equal employment opportunities ensuring that all engineers and contractors for the Project do not discriminate against any person on the basis of race, color, religion, sex, age, national origin,or handicap; 5