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<br /> 4 <br />responsibilities in the review or approval of the undertaking or carrying out of the <br />Initiative, shall participate in the decision relating to this Agreement which affects his/her <br />personal interest or the interest of any corporation, partnership, or association in which <br />he/she is, directly or indirectly, interested or has any personal or pecuniary interest, direct <br />or indirect, in this Agreement or proceeds thereof. <br /> <br />ASSIGNABILTY <br /> <br /> MCCD shall not assign any interest in this Agreement, and shall not transfer any interest <br />in the same without the prior written approval of the CONB thereto. <br /> <br />BOOKS AND RECORDS <br /> <br />(a) MCCD agrees to maintain the necessary source documentation and enforce sufficient <br />internal controls as dictated by generally accepted accounting principles to properly <br />account for the loans made and the expenses incurred under this Agreement. <br /> <br />(b) MCCD shall retain all records pertinent to the loans made and the expenditures incurred <br />under this Agreement until three years after the date this Agreement is terminated and <br />shall then transfer all records to the CONB. <br /> <br />(c) At any time during normal business hours, with prior written notice and as often as <br />CONB, its auditors and the Minnesota Office of the State Auditor (OSA) may deem <br />necessary, there shall be made available to CONB, it auditors and the Minnesota OSA, all <br />of MCCD’s records with respect to all the matters covered by this Agreement, and it will <br />permit CONB, its auditors and the Minnesota OSA to examine and make excerpts of <br />transcripts from such records of personnel, conditions of employment, and other data <br />relating to all matters covered by this Agreement. <br /> <br />COMPLIANCE WITH LOCAL LAWS <br /> <br /> MCCD agrees to comply with all federal laws, statutes and applicable regulations of the <br />State of Minnesota and the ordinances of the City of New Brighton. <br /> <br />INSURANCE <br /> <br /> MCCD agrees to provide proof of workers’ compensation and comprehensive general <br />liability insurance. Comprehensive general liability insurance shall be in the minimum <br />amount of $1,000,000. <br /> <br />INDEMNIFICATION <br /> <br /> MCCD agrees to defend, protect, indemnify and save the CONB, its agents, officers and <br />employees harmless from and against all liabilities, losses, damages, costs, and expenses, <br />whether personal, property, or contractual, including reasonable attorney’s fees, arising