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Participant acknowledges that said appropriation has not been <br /> passed and signed at the time of execution of this contract. <br />, Participant understands and agrees that if said appropriation is not <br /> passed and signed then this contract is null and void and there is <br /> no obligation on the Department to provide funding to the <br /> Participant under this contract. <br /> The Participant agrees to commit the necessary local funds to <br /> cover costs incurred in providing public transportation not <br /> reimbursed by the sum of State funds provided under the Downstate <br /> Public Transportation Act and Federal funds provided under Section 5 <br /> and/or 9 or Section 18 of the UMTA Act of 1964, as amended. <br /> ITEM 3. PAYMENT PROCEDURES <br /> The Department shall make payments as provided in Item 1 hereof <br /> on a quarterly basis (with adjustments made in the third and fourth <br /> quarters to reflect actual eligible operating expenses for preceding <br /> quarters) upon occurrence of the following conditions: <br /> a. Receipt by the Department, thirty days before the end of a <br /> current quarter, of the Quarterly Financial Report of estimated <br /> eligible operating expenses and revenues for the next quarter. <br /> However, if the participant submits requisitions based on its <br /> actual expenses and revenues, such requisitions must be received <br /> by the Department no later than 30 days following the last day <br /> of a current quarter. <br /> b. Receipt by the Department by December 1, March 1, May 1 and <br /> August l, of the report of actual expenses incurred in the lst, <br /> 2nd, 3rd and 4th quarters respectively, known as the Quarterly <br /> Financial Report/Actual Revenues and Expenses. <br /> c. Determination by the Department that such eligible operating <br /> expenses were incurred in conformity with the application filed <br /> by the Participant with the Department and approved prior to <br /> execution of this Agreement or hereafter amended with approval <br /> of the Department. <br /> ITEM 4. ELIGIBLE OPERATING EXPENSES <br /> Eligible operating expenses and revenues shall be computed <br /> in accordance with the provisions of the Act and the Rules for <br /> State Operating Assistance to Downstate Areas implementing the <br /> � Act. <br /> 4 <br />