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t 1 <br /> �� Participant acknowledges that said appropriation has not <br /> been passed and signed at the time of execution of this <br /> contract. Participant understands and agrees that if said <br /> appropriation is not passed and signed then this contract is <br /> null and void and there is no obligation on the Department to <br /> �;r�;�vide funding to the Participant under this contract. <br /> The Participant agrees to commit the necessary local funds <br /> to cover costs incurred in providing public transportation not <br /> reimbursed by the sum of State funds provided under the <br /> Downstate Public Transportation Act and Federal funds provided <br /> under Secti on 5 and/or 9 or Secti on 18 of the UMTA Act of 1964, <br /> as amended. <br /> ITEM 3. PAYMENT PROCEDURES <br /> The Department shall make payments as provided in Item 1 <br /> hereof on a quarterly basis (with adjustments made in the third <br /> and fourth quarters to reflect actual el i gible operati ng <br /> �xFenses for preceding quarters) upon occurrence of the <br /> following conditions: <br /> a. Recei pt by the Department, thi rty 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 d�y <br /> of a rr n <br /> cu e t quarter. <br /> b. Receipt by the Department by December 1 , March 1 , May 1 and <br /> August 1 , 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 /> I7EM 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 /> 3 <br />