90 STAT. 132
' "
45 USC 761.
Recordkeeping.
Audit.
Rules and regulations.
"State.
49 USC 1.
PUBLIC LAW 94-210—FEB. 5, 1976 accounting, and performance evaluation in order to assure proper use of Federal funds; and "(5) such State complies with regulations of the Secretary issued under this section and the Secretary determines that such State meets or exceeds the requirements of paragraphs (1) through (4) of this subsection. "(k) A project is eligible in any year for financial assistance from the applicable rail service assistance program only if— " (1)(A) the Commission has found that the public convenience and necessity permit the abandonment of, or the discontinuance of rail service on, the line of raih-oad which is related to such project, or (B) the line of railroad or related project was eligible for assistance under title IV of the Regional Rail Reorganization Act of 1973; and "(2) such line, or related projects, has not previously been the subject of Federal rail service assistance under this section for more than 5 fiscal years. " (1) The Secretary shall pay to each eligible State an amount equal to its entitlement under subsection (h) of this section, to be expended or committed to one or more projects which are eligible, pursuant to subsection (k) of this section. " (m)(1) Each recipient of financial assistance under subsections (e) through (o) of this section, whether in the form of grants, subgrants, contracts, subcontracts, or other arrangements, shall keep such records as the Secretary shall prescribe including records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance, the total cost of the project or undertaking in connection with which such assistance was given or used, the amount of that portion of the cost of the project which was supplied by other sources, and such other records as will facilitate an effective audit. Such records shall be maintained for 3 years after the completion of such a project or undertaking. "(2) The Secretary and the Comptroller General of the United States, or any of their duly authorized representatives, shall have access, for the purpose of audit and examination, to any books, documents, papers, and records of receipts which, in the oninion of the Secretary or of the Comptroller General may be related or pertinent to the grants, contracts, or other arrangements referred to in paragraph (1) of this subsection. "(3) The Secretary and the Comptroller General shall regularly conduct, or cause to be conducted— "(A) a financial audit, in accordance with generally accepted
- auditing standards; and
"(B) a performance audit of the activities and transactions assisted under this section, in accordance with generally accepted management principles. Such audits may be conducted by independent certified or licensed public accountants and management consultants approved by the Secretary and the Comptroller General, and they shall be conducted in accordance with such rules and regulations as may be prescribed by the Comptroller General. " (n) As used in this section, the term 'State' moans— "(1) during the period from the date of enactment of this subsection through the second anniversary of the date on which rail properties are conveyed pursuant to section 303(b)(1) of the Regional Rail Reorganization Act of 1973 (4,5 U.S.C. 743(b) (1)), any State in which a carrier by railroad subject to part I of the Interstate Commerce Act maintains any line of railroad,
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