R96-03 AUTHORIZING SUBRECIPIENT AGREEMENTS

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� � 2. Pro�ram Income The Subrecipient shall report quarterly all program income as defiaed by 24 CFR 570.500(a) generated by activities cazried out with CDBG funds made available under this contract. The use of program income by the Subrecipient shall comply with the requirements set '. forth by 24 CFR 570.504. By way of further limitations, the Subrecipient may use such income during the contract period for activities permitted under the contract and shall reduce request for additional funds by the amount of any such program income balances as reported the previous quarter. Any interest earned on cash advances from�the U. S. Treasury is not program income and sha11 be remitted prompdy to the City. 3. P�,yment ProcedL�s The City will pay to the Subrecipient funds available under this contract based � upon information submitted by the Subrecipient and consistent with any approved budget as long as they were incurred after the Notice to Proceed was issued, and within the fiscal yeaz as noted above. Payments will be made for eligible expenses actually incurred by the Subrecipient, and not to exceed actual cash requirements. In addition, the City reserves the right to liquidate funds available under this contract for costs incurred by the City on behalf of the Subrecipient. � 4. Pro eg sr s Renorts The Subrecipient shall submit regular progress reports to the City in the form and content as provided by the City on a monthly basis. D. Procurement 1. C.��liance I� The Subrecipient shall comply with current City policies concerning the purchase of equipment and shall maintain inventory records of all non-expendable personal properry as � defined by such policy as may be procured with funds provided herein. As long as the � Subrecipient continues to use the equipment for the clientele originally intended and in the manner originally intended, and as long as the Subrecipient continues to exist, the equipment shall be retained by the Subrecipient. However, in the event of a change in the clientele, use, manner, etc. of the equipment; and/or if the Subrecipient no longer exists, all equipment will revert back to the City. . 2. OMB Standazds The Subrecipient shall procure materials in accordance with the requirements of Attachment O of OMB Circulaz A-110, Procurement Standards, and shall subsequently follow Attachment N, Property Management Standards, covering utilization and disposal of property.