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In the event that a Grantee receives an amount in excess of the amount provided to . <br /> be paid to the Grantee above, or the combined state and local operating assistance <br /> grants for fiscal year 2011 exceed Grantee's actual operating deficit for that year, <br /> Grantee agrees to remit to the State any excess funds received. For purposes of <br /> this Agreement, the term "operating deficit" shall have the following meaning set <br /> forth in Section 2-2.03 of the Act (30 ILCS 740/2-2.03): "the amount by which <br /> eligible operating expenses exceed revenue from fares, reduced fare <br /> reimbursements, rental of properties, advertising, and any other amounts collected <br /> and received by a provider of public transportation, which, under standard <br /> accounting practices, are properly classified as operating revenue or operating <br /> income attributable to providing public transportation and revenue from any federal <br /> financial assistance received by the participant to defray operating expenses or <br /> deficits. For purposes of determining operating deficits, local effort from local taxes <br /> or its equivalent shall not be included as operating revenue or operating income." <br /> Grantee agrees to commit the necessary local funding to cover costs incurred in <br /> providing public transportation which are not reimbursed under this Agreement or <br /> by other federal, state or local assistance programs. <br /> ITEM 3 - SUBJECT TO APPROPRIATIONS CLAUSE <br /> This Agreement is contingent upon the availability of sufficient funds and the <br /> appropriation of such funds as required by law. <br /> ITEM 4 - PAYMENT PROCEDURES <br /> The Department shall process up to a total of five payments, comprising of a <br /> combination of advance, reimbursement or reconciling payments, to Grantee upon <br /> the timely receipt of quarterly expense and revenue submitted on the DepartmenYs <br /> prescribed forms. Payments will be processed upon the Department determining if <br /> and to what extent the request is for eligible operating expenses incurred in <br /> conformity with Grantee's approved application and the Act. <br /> Grantees shall have the flexibility to request: <br /> 1. an advance based on its estimated quarterly expense and revenue, up to <br /> the date the actual expense and revenue for that quarter is required to be <br /> filed with the Department, or <br /> 2. a reimbursement for actual quarterly expense and revenue incurred, or <br /> 3. a combination of both. <br /> Advance payments may not be processed by the Department, or dated by the <br /> Grantee, earlier than thirty days prior to the start of the quarter for which the <br /> advance is requested. <br /> Grantee shall file actual expense and revenue incurred in the 1 St Znd, 3`d and 4th <br /> quarters by December 1, March 1, May 1, and August 1, respectively. <br /> The Grantee shall adjust payment requests to reflect all previous quarter actual <br /> expense and revenue not reflected in previous payment requests. <br /> Grantee agrees that payment shall not constitute a final determination by the <br /> Department of the eligibility of such expense and shall not constitute a waiver of any <br /> violation of the terms of this Agreement. The Department reserves the right to <br /> offset any payment to satisfy any monetary claims that the Department may have <br /> outstanding against Grantee. <br /> 2 <br />