Page:United States Statutes at Large Volume 94 Part 3.djvu/875

 PUBLIC LAW 96-604—DEC. 28, 1980

94 STAT. 3519

the amount of funds to be made available to such unit under such Amendments.". (f) WAIVER PROVISION.—Section 123(c)(5) of the Act is amended to

3i use 1243.

read as follows: "(5) WAIVER.—The Secretary may waive the requirements of paragraph (1) or paragraph (2), in whole or in part, with respect to any State government or unit of local government for any fiscal year as to which (in accordance with the regulations prescribed by the Secretary) there is a finding that— "(A) the financial accounts of such government for such period are not auditable, and that such government demonstrates substantial progress toward making such financial accounts auditable, or "(B) such government has been audited by a State audit agency which does not follow generally accepted auditing standards or which is not independent (in accordance with regulations prescribed by the Secretary), and such State audit agency demonstrates progress toward meeting generally accepted auditing standards or becoming independent.". (g) MODIFICATION OF CERTAIN AUDIT REQUIREMENTS.—In any case 3i use 1243 in which— '^°*«(1) a State had on July 25, 1974, entered into an agreement with the United States to conduct the audits required under section 123(c) of the Act on behalf of the units of local govern- 31 USC 1243. ment in such State, and (2) such audits were not conducted as so required for the entitlement periods beginning after December 31, 1976, and before January 1, 1980, then any unit of local government of such State may meet the audit requirements of section 123(c) of the Act with respect to such entitlement periods by conducting audits which otherwise meet such requirements, except that, in the aggregate, such audits need cover only those funds of accounts in the financial activity of the local unit of government into which payments under the Act have been deposited, (h) STATEMENT OF ASSURANCES.—Section 123(a) is amended— 31 USC 1243. (1) by striking out the semicolon at the end of paragraph (6) and inserting in lieu thereof the following: "; and"; (2) by striking out "; and" at the end of paragraph (7) and inserting in lieu thereof a period; and (3) by striking out paragraph (8). SEC. 3. DISCHARGE THE STATES FROM THE OBLIGATION OF REPAYMENT OF CERTAIN MONEY.

(a) IN GENERAL.—The various States with which money was deposited by the Secretary of the Treasury under the provisions of sections 13 and 14 of the Act entitled "An Act to regulate the deposits of the public money", approved June 23, 1836 (5 Stat. 55), are hereby discharged of all obligations for repayment to the United States of the money so deposited. (b) CREDITING OF ACCOUNTS.—The proper accounting officers of the Government shall credit the various States with the amounts charged to them on the books of the Treasury Department pursuant to the proviso in the paragraph entitled "Credit in accounts of the Treasurer" in the Act of June 25, 1910 (36 Stat. 776).

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