Laserfiche WebLink
SUBRECIPiENT understands and agrees that all program incame shall be the <br /> property of the CITY, which shal( have the exclusive right to determine the use and <br /> disposition of said income except for fees for services which are used as part of the <br /> aperating budget. However, such exempt fees must be srnall so as nat#o prevent <br /> participafiion of Low and Middle lricorne participants. SUBRECIPIENT wiH remit a!! <br /> other said incame the CITY.Said remittance sha!! be submitted annuaEly and <br /> accampany the Fnai Report. <br /> SUBREClPlENT acknowledges that interest earned on advances of Federa!funds, <br /> rebates, credits and discounts do r�at count as program income. <br /> A(! Pragram income generated by CDBG funded acfiivities is ta be returnec!to the <br /> CITY. <br /> XXI1. RETURN ClF UNEXPEND�D EUNDS:SUBRECIPlENT agrees to return to the CITY any and alf <br /> unexpended andJor encumbered grant funds upon the compietion or termination of the <br /> Program: <br /> a. (f the wark pragram cannot be completed, or if the SUBRECIPIENT ceases to <br /> function as an operating entity, SUBRECIPIENT agrees to return ta the CITY any <br /> and all unexpended and/ar encumbered grant funds, <br /> b. Within thirty (30) days after the dosing date o#this Agreement,the <br /> SUBRECIPIENT shall submit to the CITY expenditure reports and documentation <br /> of afl expenses ar encumbrances during the time periad covered by fihis <br /> Agreement. The CtTY will then compare these expenditures with the amount of <br /> disbursements issues ta the SUBRECIPIENT by the CITY. Disbursement af any <br /> fina( payment, if any, under the Agreement shall not be made until such a <br /> cornparison has been completed to the CITY's satisfaction. <br /> i, If said expenditures and encumbrances are greater than the <br /> disbursements made to the SUBREClPIENT,the CITY will issue a check to <br /> the SUBRECIP(ENT#or an amaunt 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 ta the <br /> SUBRECIPIENT. If after withhalding any such difference,the expenditure <br /> and encumbrances are stil! less than the disb�rsements,the <br /> SUBRECIPIENT shal! promptly pay to the CITY a check for the difference of <br /> these sums. <br /> iii. Funds paid ta the 5UBRECIPIENT in excess of the amaunt to which the <br /> SUBRECIPIENT is fina(ly determines to be entitled constitute a debt to the <br /> CITY. If not paid as stipulated in the preceding paragraphs,the CITY may <br /> #ake other action permitted by law. <br /> 15 <br /> EXHtBIT A <br />