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� � 1 • <br /> NOW THEREFORE, in consideration of the mutual covenants hereinafter <br /> set forth, this Agreement is made to set forth the terms and <br /> conditions of State operating assistance grants made by the <br /> Department to the Participant pursuant to the Act and this Agreement. <br /> ITEM 1 - THE PROJECT <br /> The Participant agrees to undertake and provide public <br /> transportation services as described in the Participant's final <br /> application and program of proposed expenditures approved by the <br /> Department, and in accordance with this Agreement and all applicable <br /> laws, rules and regulations. <br /> ITEM 2. GRANTS. PAYMENTS. AND LIMITATIONS <br /> Sub�ect to the terms and conditions of the Act, the Downstate <br /> Rules, the Standard Forms and this Agreement, the Department shall <br /> make grants to the Participant in an amount within the following <br /> limitations: 1) not to exceed 45$ of the participant's eligible <br /> operating expenses incurred by the Participant during fiscal year <br /> 1992 in the provision of such public transportation services as have <br /> been approved by the Department; and 2) shall not exceed the 1992 <br /> appropriation ($1,431,430) for the participant; provided however <br /> that under no circumstances may the state funding under this <br /> agreement together with any federal funding for operating deficits <br /> received by the Participant for fiscal year 1992 exceed the . <br /> Participant's actual operating deficit for that year. In the event <br /> that the combined state and federal operating assistance grants for <br /> FY 92 exceed the Participant's actual deficit, then the Participant <br /> shall request a decrease in the state funding and shall remit to the <br /> state any excess funds received. <br /> It is expressly understood and agreed to by the Participant that <br /> payment of any funds to the Participant under this contract is <br /> contingent upon the Illinois' General Assembly passing and the <br /> Governor signing an appropriation of operating assistance funds to <br /> the Participant under the Act. <br /> 3 <br />