Each recipient of a grant under this chapter or of financial assistance under section 1456a of this title, as in effect before November 5, 1990, shall keep such records as the Secretary shall prescribe, including records which fully disclose the amount and disposition of the funds received under the grant and of the proceeds of such assistance, the total cost of the project or undertaking supplied by other sources, and such other records as will facilitate an effective audit.

The Secretary and the Comptroller General of the United States, or any of their duly authorized representatives, shall—

(1) after any grant is made under this chapter or any financial assistance is provided under section 1456a of this title, as in effect before November 5, 1990; and

until the expiration of 3 years after—

(A) completion of the project, program, or other undertaking for which such grant was made or used, or

(B) repayment of the loan or guaranteed indebtedness for which such financial assistance was provided,

(Pub. L. 89–454, title III, § 313, formerly § 310, as added Pub. L. 92–583, Oct. 27, 1972, 86 Stat. 1287; renumbered § 313 and amended Pub. L. 94–370, §§ 7, 11, July 26, 1976, 90 Stat. 1019, 1030; Pub. L. 102–587, title II, § 2205(b)(19), Nov. 4, 1992, 106 Stat. 5052.)