R95-62 AUTHORIZING SUBRECIPIENT AGREEMENTS

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vious quarter. Any interest earned on cash advances from the U. S . Treasury is not program income and shall be remitted promptly to the City. 3 . Payment Procedures ' The City will pay to the Subrecipient funds available under thi� 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 year as noted above. Payments will be made for eligible expenses ac- tually 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 . Progress Reports 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. Compliance The Subrecipient shall comply with current City policies concerning the purchase of equipment and shall maintain inventory records of all non-expendable personal property 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 in- tended, and as long as the Subrecipient continues to ex- ist, the equipment shall be retained by the Sub- recipient . 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 Standards The Subrecipient shall procure materials in accordance with the requirements of Attachment O of OMB Circular A-110, Procurement Standards, and shall subsequently follow Attachment N, Property Management Standards, covering utilization and disposal of property. 9