R94-116 AUTHORIZING AN AGREEMENT WITH THE UNITED STATE DEPARTMENT OF TRANPORTATION

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,, .� the Recipient agrees to comply with the following ECHO requirements pursuant to U.S. Department of the Treasury Circular 1075, Part 205, "Withdrawal of Cash from the Treasury fo� Advances Under Federal Grants and Other Programs," and as established by the "Guidelines for - Disbursements" set forth in the Government (FTA) ECHO System Operations Manual: 1 a) The Recipient may draw down cash onty when actually needed for immediate disbursement required for Project purposes. Unless provided othervvise by Federal law or regulation, the Recipient agrees to expend all Federal funds obtained under the Project for Project purposes no later than three (3) days after receipt of those funds. Failure to expend those Federal funds vv�thin three (3} days of their receipt or to return the funds to the Government within a reasonable period,the faiture by the Recipient to establish procedures that will minimize the time elapsing betw�n cash advances and the disbursement shall cause the Government to revoke or temporarily suspend the Recipient's ECHO Control Number and the Recipient's access to the ECHO System. In addition, a Recipient's failure to adhere to these requirements may result in other remedies authorized by Fetieral la�•or regalation. (b) The Recipient a€*rees to report its cash disbursements and balances in a timely manner as required by the Government. tc) The Recipient agrees to provide for control and accountability for all Project funds consistent with Federal requirements and procedures for use of ECHO system. (d) The Recipient may not draw down funds for a project in an amount that would exceed the sum obiigated b}� the Government or the current available balance for that Project. (e) The Recipient agrees to draw down funds only for eligible Project costs. (f1 The Recipient agrees to refrain from drawing down Federal assistance funds before they are needed for disbursement. If it should draw down funds prematurely, the Recipient agrees to remit interest to the Go��ernment irrespective of whether it has deposited those funds in an incerest-bearing account. The standards for determining the amount of interest due are set forth belov��: l. A Recipient that is a state or state instrumentality will remit interest as required by Department of Treasury regulations, "Rules and Procedures for Funds Transfers ," 31 C.F.R. Part 205. 2. A Recipient that is not a state or state instrumentality will remit interest based on rates imposed by the U.S. Secretary of the Treasury, beginning on the fourth day after the funds were deposited in the Recipient's bank or other financial depository, unless the Government waives its right to that interest.. (g) The Recipient agrees to adhere to and impose on its subrecipients all applicable requirements of Part II, Subsections 107.b(1)(a), (b), (c), (d), (e), and (� of this Agreement. Page 8