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In the event that combined state and federal operating assistance grants for fiscal <br /> year 2006 exceed Grantee's actual operating deficit, Grantee agrees to promptly <br /> request a decrease in its grant, and shall remit to the State any excess funds <br /> received. For purposes of this Agreement, the term "operating deficit" shall have <br /> the meaning set forth in Section 2-2.03 of the Act (30 ILCS 740/2-2.03) "the amount <br /> by which 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 make quarterly payments to Grantee for eligible operating <br /> expenses upon occurrence of the following conditions: <br /> a) The Department receiving, 30 days before the start of a quarter, the required <br /> requisition forms and Estimated Quarterly Financial Report for that quarter <br /> (see Standard Forms), or, the Department receiving, 30 days after the end of a <br /> quarter, the required requisition forms and Actual Quarterly Financial Report <br /> for that quarter. <br /> b) The Department receiving the Actual Financial Quarterly Report for the first, <br /> second, third and fourth quarters no later than December 1, March 1, May 1, <br /> and August 1 respectively(see Standard Forms). <br /> c) The Department determining if and to what extent the request is for eligible <br /> operating expenses incurred in conformity with Grantee's approved application. <br /> The Department may make adjustments in the third and fourth quarters to reflect <br /> actual eligible operating expenses for preceding quarters. Grantee agrees that <br /> payment shafl not constitute a final determination by the Department of the <br /> allowability of such expense and shall not constitute a waiver of any violation of the <br /> terms of this Agreement. The Department reserves the right to offset any payment <br /> to satisfy any monetary claims that the Department may have outstanding against <br /> Grantee. <br /> 2 <br />