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AG 2002 07 22 (Regular)
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AG 2002 07 22 (Regular)
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Last modified
3/2/2006 5:01:32 PM
Creation date
11/27/2017 11:43:40 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/22/2002
Board
Board of Commissioners
Meeting Type
Regular
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PAGE 4 OF 12 <br /> <br /> (3) be reasonable in amount for the goods or services purchased; <br /> (4) be actual net costs to the Contractor (i.e., the price paid minus any <br /> refunds, rebates, or other items of value received by the Contractor which <br /> have the effect of reducing the cost actually incurred); <br /> (5) be incurred (and be for work performed) on or after the date <br /> of this Agreement, unless specific authorization from the <br /> Department to the contrary is received; <br /> (6) be in conformance with the standards for allowability of costs set forth in <br /> Office of Management and Budget Circular A-87, Principles for <br /> Determining Costs Applicable to Grants and Contracts with State, Local <br /> and Federally Recognized Indian Tribal Governments,; <br /> (7) be satisfactorily documented; and <br /> (8) be t~:eated uniformly and consistently under accounting principles and <br /> <br /> procedures approved or prescribed by the Department. <br /> <br /> (d) Payment. All projects shall submit requests for reimbursement and project activity <br />reports based upon actual allowable net costs for not less than one'month nor more than <br />qUarterly. Progress payments may be made upon receipt of an itemized invoice, supported by <br />documentation of costs if the project is not reporting under the requirements of the Single Audit <br />Act as amended. All grantees must report on project activity regardless of whether any costs <br />were incurred. These reports will be due within thirty (30) days following the end of the quarter. <br />Any partial invoices and the Project's final invoice shall be approved by the Public <br />Transportation Division and the Department's Fiscal Section prior to payment in accordance <br />with Departmental procedures. A retainage of ten (10%) percent of the approved payment may <br />be withheld until the Project is completed, accepted, and the final audit has been made. Any <br />costs in excess of the Project Budget, or any .cost deemed ineligible for reimbursement by the <br />Department in accordance with the terms of this Agreement, shall be borne in full by the <br />Contractor. <br /> <br /> <br />
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