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AG19901217
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AG19901217
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Last modified
3/28/2003 9:14:34 AM
Creation date
11/27/2017 12:06:07 PM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/17/1990
Board
Board of Commissioners
Meeting Type
Regular
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Page 4 of 15 <br /> <br /> (d) ~a)~nent. Progress payments based upon actual allowable net costs <br />may be made upon receipt of an itemized invoice, supported by documentation <br />of costs from the private nonprofit organization. Any partial invoices and <br />the Project's final invoice shall be approved by the Public Transportation <br />Division and the Department's Fiscal section prior to paYment in accordance <br />with Departmental procedures. Any costs in excess of the Project Budget, or <br />any cost deemed ineligible for reimbursement by the Department in accordance <br />with the terms of this Agreement, shall be borne in full by the Contractor. <br /> <br /> A retainage of five percent (5%) of the approved payment may be withheld <br />until the approved the Project is completed, accepted, and the final audit <br />has been made. The Department may waive the retainage requirement on capital <br />expenditures in excess of $10,00D if so requested by the Contractor. <br /> <br /> Any cost deemed ineligible for reimbursement by the Department shall be <br />deducted from the invoice payment or from the retainage before the final <br />paYment is made. Any rejected or unaccepted costs shall be borne by the <br />Contractor. The Contractor agrees that in the event the UI~TA or the <br /> <br /> due to rules and/or of the b,~4TA the <br />Department <br /> deternlines, <br /> regulations <br /> or <br /> <br />Department, that grant funds must be refunded, the Contractor shall reimburse <br />and pay to the Department a sum of money equal to the total amount of grant <br />funds to be refunded to the UMTA in addition to the corresponding amount of <br />Department match if so required by the Department. <br /> <br /> Section 6. Records and Reports. <br /> <br /> (al Establishment and Maintenance of Accounting Records. The <br /> <br />Contractor shall establish and maintain, in accordance with requirements <br />established by the Oepartment, separate accounts for the Project, to be known <br />as the Project Account, either independently or within its existing <br />accounting syste~. The Oepartment shall have the right to inspect the <br /> <br /> <br />
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