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• (d) The financial statements of the System delivered to the Commission and the Authority are true and correct in all respects, have been prepared in accordance with generally accepted government accounting principles for municipalities, consistently applied, and fairly present the financial condition of the System as of their respective dates; (e) The execution and delivery of this Agreement and the Bond, the adoption of the Bond Ordinance and the Rate Ordinances, the levy of the Rates, the pledge of the System Revenues to the Bond, and the carrying out and consummation of the transactions contemplated by this Agreement and the Bond Ordinance will not conflict with or constitute a breach of or default under any applicable law or administrative regulation of the State of Arkansas or the United States or any judgment or decree or any agreement or other instrument to which the Issuer is a party or is otherwise subject; (f) There is no action, suit, proceeding, or investigation involving the Issuer before or by any court, public board, or body pending or, to the knowledge of the Issuer, threatened wherein an unfavorable decision, ruling, or finding would: (i) affect the creation, organization, 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 Rates, or collection of the System Revenues or the pledge thereof, (iii) in any way question or affect any of the rights, powers, duties, or obligations of the Issuer with respect to the System Revenues, (iv) in any way question or affect any authority for the issuance of the Bond or the validity or enforceability of the Bond or the Bond Ordinance and the Rate Ordinances, 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; (g) The Rates have been duly levied under the Authorizing Legislation and the Rate Ordinances, and the System Revenues have been duly pledged to the payment of the Bond under the Bond Ordinance pursuant to the authority granted by the Authorizing Legislation; and (h) The Issuer will promptly remit each Disbursement to the person or persons to whom payment is then due and owing. 10. 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 XVI. (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 5