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, • , � <br /> (2) Fair Market Value-The following requirements apply to the calculation of fair market <br /> value: <br /> (a) Unless otherwise approved in writing by the Department, the fair market value of <br /> any of the Project Facilities will be the value of that property at the time <br /> immediately before the occurrence that prompted the withdrawal of the Project <br /> Facilities from transit use. The fair market value shall be calculated by the one of <br /> the following: (1)appraised value, (2) on a straight line depreciation of the <br /> Project Facilities, based on a useful life approved by the Department irrespective <br /> of the reason for withdrawal of Project Facilities from transit use, or(3)the actual <br /> proceeds from the public sale of such property, whichever method is approved by <br /> the Department with an objective to obtain the highest fair market value. Any <br /> appraiser employed for such purposes shall have experience in appraising <br /> similar project equipment and facilities in accordance with state and federal <br /> 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 of property that, for any reason, has been withdrawn from service.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 /> 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 <br /> the firm selected for award: <br /> State Capital Grant <br /> Pa ge 9 <br />