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Page 5 of ' � <br /> PART III <br /> METHOD OF COMPENSATION, FINANCIAL CONTROL REQUIREMENTS <br /> l . Compensation to the Grantee. It is expressly understood and agreed that <br /> in no event will the Grant Award payable by the Department to the Grantee <br /> for compensation and reimbursement, nor will the total amount of Grant <br /> Principal expended for carrying out the program objectives as described <br /> in Part XI , the Scope of Work, exceed the sum of $100,000 for all of the <br /> services required. <br /> Payments pursuant to this grant are subject to the availability of <br />' Illinois General Revenue Funds and their appropriation and authorized <br /> expenditure under �tate law. <br /> The Grantee shall use the Program Proceeds for the purpose of direct <br />' financing to eligible businesses as third party beneficiaries in the form <br /> of lines of credit, Loans, qualified Investments or other debt or equity <br /> instruments to promote or encourage business Projects involving company <br /> retooling or modernization, or commercialization, adoption, or <br /> implementation of advanced technologies, processes or products in <br /> accordance with Part XI , the Scope of Work. <br /> 2. Method of Compensation. The method of compensation shall be in <br /> accordance with the applicable state laws relative to such compensation <br /> by which the Department is governed. Payments to the Grantee are <br /> subject to the Grantee' s initiation and submittal of an Invoice Voucher <br /> to the Department on forms as determined by the Department. The <br /> Department shall review all payment requests by the Grantee to insure <br /> such requests are in accordance with the approved program budget and are <br /> only for costs necessary to complete program objectives. The Grantee <br /> shall draw down the Grant Award prior to August 15, 1991. Such funds <br /> must be obligated and liquidated within the Grant Period. <br /> Any portion of the Grant Award not obligated and liquidated within the <br /> Grant Period shall become subject to the provisions of the Grant Funds <br /> Recovery Act, Ill . Rev. Stat. , 1989, ch. 127, par. 2301 et seq. pursuant <br /> to Part III , Section 7 of this Agreement. <br /> The Grantee cannot be paid or reimbursed for costs incurred in excess of <br /> the total approved Budget, Part X. If the Grantee expends Program <br /> Proceeds contrary to the provisions of this Agreement, the Department may <br /> require the repayment of such Program Proceeds if the expenditure <br /> violated the Grantee' s assurances or the statutory provisions. <br /> The Department may require repayment of Grantee expenditures that do not <br /> conform to the provisions of this Agreement but do not violate statutory <br /> provisions. <br /> The Grantee shall repay to the Department any portion of the Program <br /> Proceeds that are determined by the Department, through monitoring <br /> activities or audit reports, to have been spent improperly. <br /> - 5 - <br />