R89-14 AUTHORIZING AN AGREEMENT WITH THE UNITED STATES DEPARTMENT OF TRANSPORTATION FOR AN URBAN MASS TRANSPORTATION OPERATING ASSISTANCE GRANT FOR FY '89

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J• � , t J .. b. Funds Received or Made Available for the Project. In accordance with the provisions of OMB Circular A-102 , as amended, or OMB Circular A-110, as amended, as may be appropriate, the Recipierit shall record in the Project Account, and deposit in a bank or trust company which is a member of the Federal Deposit Insurance Corporation (FDIC) , all Project payments received by it from the Government pursuant to this Agreement and all other funds provided for, accruing to, or otherwise received on account of the Project, ("Project Funds") . Any balances exceeding the FDIC coverage must be collaterally secured as provided in 12 U.S.C. § 265 and implementing regulations or in applicable Federal procedures. A separate bank account may be required when draw downs are made by letter of credit. c. Allowable Costs. Expenditures made by the Recipient shall be reimbursable as allowable costs to the extent that they meet all of the requirements set forth be�ow. They must: (1) Be made in conformance with the Project Description and the Project Budget and all other provisions of the Agreement; (2) Be necessary in order to accomplish the Project; (3) Be reasonable in amount for the goods or services purchased; (4) Be actual net costs to the Recipient (i.e. , the price paid minus any refunds, rebates, or other items of value received by the Recipient that have the effect of reducing the � cost actually incurred, excluding Program Income as defined in OMB Circular A-102 or OMB Circular A-110j . (5) Be incurred (and be for work performed) after the date of this Agreement, unless specific authorization from the Government (UMTA) to the contrary is received; (6) Unless permitted otherwise by Federal statute or regulation, be in conformance with the standards for allowability of costs set forth in OMB Circular A-87, Revised, and with any guidelines or regulations issued by UMTA; in the case of Projects with educational institutions, the standards for allowability of costs set forth in OMB Circular A-21, Revised, rather then the standards of OMB Circular A-87 , Revised, shall apply; and in the case of nonprofit organizations, the standards for allowability of costs set forth in OMB Circular A-122 , Revised, rather than the standards of OMB Circular A-87, Revised, shall apply. (7) Be satisfactorily documented; and (8) Be treated uniformly and consistently under accounting principles and procedures approved and prescribed by the Government for the Recipient; and those approved or prescribed by the Recipient for its contractors. Page 4