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CAP-94-9034-ILL, Contract No. 4464 <br /> obtain the highest fair market value. Any appraiser employed for such purposes <br /> shall have experience in appraising similar project equipment and facilities in <br /> accordance with state and federal standards. <br /> The fair market value of any of the Project Facilities lost or damaged by casualty <br /> or fire will be calculated on the basis of the condition of such property <br /> immediately before the casualty, irrespective of the extent of insurance coverage. <br /> (b) Exceptional Circumstances-The Department, however, reserves the right to <br /> require another method of valuation to be used if determined to be in the best <br /> interest of the Department. In unusual circumstances, the Grantee may request <br /> that the Department approve the use of another reasonable method of <br /> determining fair market value, including but not limited to accelerated <br /> depreciation, comparable sales, or estimated market values. In determining <br /> whether to approve an alternate method, the Department may consider any <br /> action taken, omission made, or unfortunate occurrence suffered by the Grantee <br /> with respect to the preservation or conservation of the value of the particular item <br /> of property that, for any reason, has been withdrawn from service. <br /> C. Misused or Damaged Property- If damage to any of the Project Facilities results from abuse, <br /> neglect, or misuse that has taken place with the Grantee's knowledge and consent, the <br /> Grantee agrees that the Department may require the Grantee to restore those Project <br /> Facilities to their original condition, at the Grantee's sole expense, or refund the fair market <br /> value of the State interest in such damaged Project Facilities. <br /> D. Obligations After Project Close-Out-The Grantee agrees that project close-out will not alter <br /> its property management obligations set forth in this Agreement. <br /> E. Insurance Proceeds—If the Grantee receives insurance proceeds as a result of damage or <br /> destruction to the Project Facilities, the Grantee agrees to (i) apply those insurance proceeds <br /> to the cost of replacing the damaged or destroyed Project Facilities, or(ii) return to the <br /> Department an amount equal to the remaining State interest in the damaged or destroyed <br /> Project Facilities. <br /> ITEM 10-ETHICS <br /> A. Code of Conduct <br /> (1) Personal Conflict of Interest-The Grantee shall maintain a written code or standard of <br /> conduct which shall govern the performance of its employees, officers, board members or <br /> agents engaged in the award and administration of contracts supported by federal or state <br /> funds. Such code shall provide that no employee, officer, board member, or agent of the <br /> Grantee may participate in the selection, award, or administration of a contract supported by <br /> federal or state funds if a conflict of interest, real or apparent, would be involved. Such a <br /> conflict would arise when any of the parties set forth below has a financial or other interest in the <br /> firm selected for award: <br /> (a) The employee, officer, board member, or agent; <br /> (b) Any member of his or her immediate family; <br /> (c) His or her partner; or <br /> (d) An organization that employs, or is about to employ, any of the above. <br /> State Capital Grant <br /> Page 10 <br />