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S Grant - NC Department of Transportation FY09-5311 CT Grant Program
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S Grant - NC Department of Transportation FY09-5311 CT Grant Program
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Last modified
9/20/2012 10:37:15 AM
Creation date
7/6/2009 12:55:22 PM
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BOCC
Date
2/5/2008
Meeting Type
Regular Meeting
Document Type
Grant
Agenda Item
5a
Document Relationships
Agenda - 02-05-2008-5a
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\Board of County Commissioners\BOCC Agendas\2000's\2008\Agenda - 02-05-2008
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(b) Calculating the Fair Market Value of Prematurely Withdrawn <br />Project Property. The Contractor agrees that the State Government retains a State interest in <br />the fair market value of Project property prematurely withdrawn from appropriate use. The <br />amount of the State interest in the Project property shall be determined by the ratio of the <br />State assistance awarded for the property to the. actual cost of the property. The Contractor <br />agrees that the fair market value of Project property prematurely withdrawn from use will be <br />calculated as follows: <br />1. Equipment and Supplies. The Contractor agrees that the <br />fair market value of Project equipment and supplies shall be calculated by straight-line <br />depreciation of that property, based on the useful life of the equipment or supplies as <br />established by the Department. The fair market value of Project equipment and supplies shall <br />be the value immediately before the occurrence prompting the withdrawal of the equipment or <br />supplies from appropriate use. In the case of Project equipment or supplies lost or damaged <br />by fire, casualty, or natural disaster, the fair market value shall be calculated on the basis of <br />the condition of that equipment or supplies immediately before the fire, casualty, or natural <br />disaster, or the amount of insurance coverage, whichever is greater. <br />2. Real Property. The Contractor agrees that the fair market <br />value of real property shall be determined either on the basis of competent appraisal based on <br />an appropriate date approved by the Department, as provided by 49 C.F.R. Part 24, by straight <br />line depreciation of improvements to real property coupled with the value of the land on the <br />basis of appraisal, or other Federal or State law or regulation that may be applicable. <br />3. Exceptional Circumstances. The Contractor agrees that <br />the Department may require the use of another method to determine the fair market value of <br />Project property. In unusual circumstances, the Contractor may request that another <br />reasonable valuation method be used including, but not limited to, accelerated depreciation, <br />comparable sales, or established market values. In determining whether to approve such a <br />request, the Department may consider any action taken, omission made, or unfortunate <br />occurrence suffered by the Contractor with respect to the preservation of Project property <br />withdrawn from appropriate use. <br />(c) Financial Obligations to the State Government. The Contractor <br />agrees to remit to the Department the State interest in the fair market value of any Project <br />property prematurely withdrawn from appropriate use. !n the case of fire, casualty, or natural <br />disaster, the Contractor may fulfill its obligations to remit the State interest by either: <br />1. Investing an amount equal to the remaining State interest <br />in like-kind property that is eligible for assistance within the scope of the Project that provided <br />State assistance for the Project property prematurely withdrawn from use; or <br />2. Returning to the Department an amount equal to the <br />remaining State interest in the withdrawn Project property. <br />i. Insurance Proceeds. If the Contractor receives insurance proceeds as a <br />result of damage or destruction to the Project property, the Contractor agrees to: <br />(1) Apply those insurance proceeds to the cost of replacing the damaged <br />or destroyed Project property taken out of service, or <br />(2) Return to the Department an amount equal to the remaining State <br />interest in the damaged or destroyed Project property. <br />j. Transportation -Hazardous Materials. The Contractor agrees to comply with <br />applicable requirements of U.S. Pipeline and Hazardous Materials Safety Administration <br />regulations, "Shippers -General Requirements for Shipments and Packagings," 49 C.F.R. Part <br />173, in connection with the transportation of any hazardous materials. <br />k. Misused or Damaged Project Property. If any damage to Project property <br />results from abuse or misuse occurring with the Contractor 's knowledge and consent, the <br />NCDOT/PTD/FM <br />Revised 8/4/2008 Page 2I of 28 <br />
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