R94-98 AUTHORIZING THE EXECUTION OF AMENDMENT TO AGREEMENT WITH THE STATE OF ILLINOIS, DEPARTMENT OF TRANSPORTATION

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The.Department may waive the prohibition contained in this subsection, provided that any such present officer, employee, . board member, or agent shall not participate in any action by � the Grantee or the locality relating to such contract, - - subcontract, or arrangement. IT � 10 - THE PROJECT BUDGET A Pro�ect Budget shall be prepared and maintained by the Grantee. The Grantee shall carry out the Project and shall incur obligations against and aake disbursements of project funds only in conformity with the latest Approved Project Budget. The Pro�ect Budget may be revised from time to time, but no Budget or revision thereof shall be effective unless and until the Department shall have approved the same. ITEM 11 - ACCOUNTING RECORDS a. P�oject Accounts - The Grantee shall establish and maintain as a separate set of accounts, or as an integral part of its current accounting scheme� accounts for the Project in conformity with requirements established by the Department. b. Funds Received or Made Available for the Project - Grantee shall appropriately record in the Pro�ect Account� and deposit in a bank or trust company which is a member of the Federal Deposit Insurance Corporation, or the Federal .. Savings and Loan Insurance Corporation, all Grant payments received by it from the Department pursuant to this Contract and all other funds provided for� accruing to� or otherwise received on account of the Project� which Department payments and other funds are herein collectively referred to as "Pro�ect Funds." The Grantee shall require the depositories of Project Funds to secure continuously and fully all Project Funds in excess of the amounts insured under Federal plans, or under State plans which have been approved for the deposit of the Project Funds by the Department� by the deposit or setting aside of collateral of the types and in the manner as described by State law for the security of public funds. The Grantee agrees to report to the Department quarterly by � the fifteenth day of the month following the reported quarter, and at such other times as the Department may prescribe in writing, the amounts recorded in the Project Account. All Pro3ect Funds held by the Grantee over one (1) month shall draw interest and the amount of such interest earned shall be reported to the Department in the quarterly Pro�ect Account report. Such interest shall be applied to the Net Pro�ect Cost as directed by the Department. � 6