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• WHEREAS, the Department has approved the initial or amended <br /> program of proposed expenditures for fiscal year 1990 (July 1 , <br /> 1989 through June 30, 1990) , or any portion of such program, <br /> submitted by the Participant to the Department, such approval <br /> conditioned upon the Participant's compliance with the Act and <br /> the terms of thi s agreement; <br /> NOW THEREFORE, in consideration of the mutual covenants <br /> hereinafter set forth, this Agreement is made to set forth the <br /> terms and conditions of State operating assistance grants made <br /> by the Department to the Participant pursuant to the Act and <br /> this Agreement. <br /> ITEM 1 . GRANTS, PAYMENTS, LIMITATIONS <br /> Subject to the terms and conditions of the Act, the approval <br /> letter issued by the Department and herein incorporated as <br /> Appendix C, the Rules and this Agreement, the Department shall <br /> make grants to the Participant in an amount within the following <br /> limitations: 1 ) not to exceed 40� of the Participant's eligible <br /> operating expenses incurred by the Participant during fiscal <br /> year 1990 in the provision of such public transportation <br /> services as have been approved by the Department; and 2) shall <br /> not exceed the 1990 appropriation ($1 ,182,987) for the <br /> participant; provided however that under no circumstances may <br /> the state funding under this agreement together with any federal <br /> funding for operating deficits received by the Participant for <br /> fiscal year 1990 exceed the Participant's actual operating <br /> deficit for that year. In the event that the combined state and <br /> federal operating assistance grants for FY 90 exceed the <br /> Participant's actual operating deficit, then the Participant <br /> shall request a decrease in the state funding and shall remit to <br /> the state any excess funds received. <br />