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to disburse funds under this Grant Agreement is contingent upon notification by the <br /> applicable agency(ies) that all requirements applicable to the Project have been satisfied. <br /> Upon receipt of said notification, disbursement of the grant funds shall be authorized in <br /> accordance with the provisions of Section 4.313 hereof. <br /> e) Prior to notification of compliance by the applicable external agency(ies), the Grantee may <br /> request disbursement of funds only for the following purposes: administrative, contractual, <br /> legal,engineering,or architectural costs incurred which are necessary to allow for compliance <br /> by the Grantee of requirements established by the external agency(ies). FUNDS WILL NOT <br /> BE DISBURSED FOR LAND ACQUISITION OR ANY TYPE OF CONSTRUCTION <br /> OR OTHER ACTIVITY WHICH PHYSICALLY IMPACTS THE PROJECT SITE <br /> PRIOR TO RECEIPT BY THE DEPARTMENT OF THE REQUIRED <br /> NOTIFICATION FROM ALL APPLICABLE AGENCIES. <br /> B. If external sign-offs are indicated in this Section 4.4 disbursement of grant funds(whether advance or <br /> scheduled) are subject to the restrictions set forth by the External Sign-Off Provisions of this Section <br /> 4.4. Upon receipt of all required sign-offs, the Department's Accounting Division will be notified to <br /> disburse grant funds in accordance with the disbursement method indicated herein. <br /> C. Interest on Grant Funds <br /> Notwithstanding Section 4.6 or any other provision in this Agreement,the Grantee may be allowed to <br /> retain interest earned on grant funds awarded under this Agreement,provided that: <br /> (I) All interest earned must be expended prior to grant funds. All reporting documents should reflect <br /> the full expenditure of any interest earned. Any grant funds or earned interest unspent above the <br /> total cost of the project as detailed in Parts I and II must be returned as grant funds to the <br /> Department as described in Part 5.3 herein;and <br /> (2) Interest may only be expended for activities which are identified in Parts I and 11 hereof;and <br /> (3) All interest earned must be accounted for and reported to the Department in the Grantee Final <br /> Financial Status Report described in Section 5.3 herein. <br /> Retained interest must be kept in accordance with Section 4.5 of the Grant Agreement. <br /> 4.5 DEPOSIT OF GRANT FUNDS <br /> Grant Funds paid in advance of realized costs must be kept in an interest bearing account and maintained <br /> therein until used in accordance with the terms and conditions of this Agreement. The Department may <br /> waive this requirement upon a written request from the Grantee; however written Departmental approval <br /> must be received before any Grant Funds are kept in a non-interest bearing account. Grantee will be <br /> responsible for the payment of interest to the Department at a rate equal to twelve percent(12%)per annum <br /> on any of the Grant Funds kept in a non-interest bearing account without prior Departmental written <br /> approval. <br /> Any interest earned on these Grant Funds must be accounted for as provided in Section 4.6 of this <br /> Agreement. Exceptions to Section 4.5 are not permissible without prior written approval by the <br /> Department. <br /> Grant Funds paid in reimbursement of previously paid costs may be kept in a non-interest bearing account <br /> at the Grantee's discretion. <br /> 4.6 RETURN OF INTEREST ON GRANT FUNDS <br /> Page 13 Grant Number 15-203002 <br />