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

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�, a, c. Maintenance. The Recipient agrees to maintain the Project real property and equipment in good operating crrder, and in accordance with any guidelines, directives, or regulations that FTA � mav issue. d. Records. The Recipient agrees to keep satisfactory records with regard to the use of the real prepert}, equipment, and supplies, and submit to the Government upon request such informarion as may be required to assure compliance with this section of this Agreement e. Transfer of Project Pro,perty. (l ) Recipient Reauest. The Recipient may transfer assets financed under the Federal Transit Act, as amended, to a public body to be used for any public purpose with no further obligation to the Government, provided that transfer is authorized by the Federal Transit Administrator and meets the requirements of section 12(k) of the Federal Transit Act, as amended, 49 U.S.C. app. � 16081 k,. 121 Government Direction. The Recipient agrees that the Government may require the Recipient to transfer title to any real property, equipment, or supplies financed with Federal assistance made available by this Agreement as permitted by 49 C.F.R. § 18.32(g) or OMB Circuiar A-1 l0, Re��ised, whichever may be applicable. The Recipient also agrees that the Go��ernment may direct the disposition of real property or equipment financed with Federal assistance funds made available under this Agreement, as set forth by 49 C.F.R. §§ 18.31 and 18.3� or OMB Circular A-I lU. Revised, whichever may be applicable. f. V�'ithdrav�m Propert�� If any Project real property, equipment, or supplies are not used in transit ser��ice for the duration of their useful life as determined by FTA, whether by planned v�-ichdra�•al, misuse or casualty loss, the Recipient agrees to notify FTA immediately. (] ) Federa] Interest in Property. Unless otherwise approved by the Government, the Recipient agrees to remit to the Government the Federal interest in the fair market value, if any, of the real property, equipment, or supplies whose aggregate value exceeds $5,000. The amount of that Federal interest shall be detennined on the basis of the ratio of the Federal assistance a��arded b�� the Government for the Project to the actual cost of the Project. (2 i Fair Market Value. The following requirements apply to the calculation of fair market value: (a) E�ui�ment and S�pnlies. Unless otherwise approved in wriring by FTA, the fair market value of equipment and supplies will be the value of that property at the time immediately before the occurrence that prompted the withdrawal of the equipment or supplies from transit use. The fair market value shall be calculated on straight line depreciation of the equipment or supplies, based on a useful life approved by FTA, irrespective of the reason for withdrav��al of equipment or supplies from transit use. The fair market value of equipment or supplies lost or damaged by casualty or fire will be calculated on the basis of the condition of the equipment or supplies immediately before the casualty or fire, irrespective of the extent of insurance coverage. Page 13