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In the event that combined state and federal operating assistance grants for fiscal year <br /> 1997 exceed Grantee's actual operating deficit, Grantee agrees to promptly request a <br /> decrease in its grant, and shall remit to the State any excess funds received. For <br /> purposes of this Agreement,the term "operating deficit" shall have the 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 reimbursements, <br /> rental of properties, advertising, and any other amounts collected and received by a <br /> provider of public transportation,which,under standard accounting practices, aze <br /> properly classified as operating revenue or operating income attributable to providing <br /> public transportation and revenue from any federal financial assistance received by <br /> the participant to defray operating expenses or deficits. For purposes of determirung <br /> operating deficits, local effort from local taxes or its equivalent shall not be included <br /> 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 by <br /> 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(see <br /> 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 l, 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 shall 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 to <br /> satisfy any monetary claims that the Department may have outstanding against <br /> Grantee. <br /> 2 <br />