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