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SUBRECIPIENT acknowledges that interest earned on advances of Federal funds, <br /> rebates, credits and discounts do not count as program income. <br /> All Program income generated by CDBG funded activities is to be returned to the <br /> CITY. <br /> XXII. RETURN OF UNEXPENDED FUNDS: SUBRECIPIENT agrees to return to the CITY any and all <br /> unexpended and/or encumbered grant funds upon the completion or termination of the <br /> Program: <br /> a. If the work program cannot be completed, or if the SUBRECIPIENT ceases to <br /> function as an operating entity, SUBRECIPIENT agrees to return to the CITY any <br /> and all unexpended and/or encumbered grant funds. <br /> b. Within thirty (30) days after the closing date of this Agreement,the <br /> SUBRECIPIENT shall submit to the CITY expenditure reports and documentation <br /> of all expenses or encumbrances during the time period covered by this <br /> Agreement. The CITY will then compare these expenditures with the amount of <br /> disbursements issues to the SUBRECIPIENT by the CITY. Disbursement of any <br /> final payment, if any, under the Agreement shall not be made until such a <br /> comparison has been completed to the CITY's satisfaction. <br /> L If said expenditures and encumbrances are greater than the <br /> disbursements made to the SUBRECIPIENT, the CITY will issue a check to <br /> the SUBRECIPIENT for an amount equal to this difference, up to the <br /> amount of the authorized grant set forth in this Agreement. <br /> ii. If said expenditures and encumbrances are less than the disbursements, <br /> the CITY shall withhold the difference from any final payment to the <br /> SUBRECIPIENT. If after withholding any such difference,the expenditure <br /> and encumbrances are still less than the disbursements,the <br /> SUBRECIPIENT shall promptly pay to the CITY a check for the difference of <br /> these sums. <br /> iii. Funds paid to the SUBRECIPIENT in excess of the amount to which the <br /> SUBRECIPIENT is finally determines to be entitled constitute a debt to the <br /> CITY. If not paid as stipulated in the preceding paragraphs,the CITY may <br /> take other action permitted by law. <br /> iv. A final adjustment will be made to reconcile with the completed audit or <br /> Final Grant Report of CDBG expenditures within thirty (30) days of the <br /> submission of audit to the CITY. Subsequent grant payments or awards <br /> will be withheld until audit or grant report is completed for the current <br /> year. Only the City Manager or Director of Economic and Community <br /> Development can release funds if audit or grant report is not reconciled. <br /> 15 <br />