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The Contractor agrees that Project closeout will not alter the Contractor's responsibility to return <br />any funds due the State Government as a result of later refunds, corrections, or other <br />transactions; nor will Project closeout alter the State Government's right to disallow costs and <br />recover funds on the basis of a later audit or other review. Unless prohibited by Federal/State <br />law or regulation, the State Government may recover any State assistance funds made <br />available for the Project as necessary to satisfy any outstanding monetary claims that the State <br />Government may have against the Contractor. <br />d. State Claims Excess Payments Disallowed Costs. including Interest. <br />(1) Contractor's Responsibility to Pav. Upon notification to the Contractor <br />that specific amounts are owed to the State Government, whether for excess payments of State <br />assistance, disallowed costs, or funds recovered from third parties or elsewhere, the Contractor <br />agrees to remit to the Department promptly the amounts owed, including applicable interest and <br />any penalties and administrative charges. <br />(2) Amount of Interest. The Contractor agrees to remit to the Department <br />interest owed as determined in accordance with N.C.G.S. 147-86.23. <br />e. De-obligation of Funds. The Contractor agrees that the Department may de- <br />obligate unexpended State funds before Project closeout. <br />Section 5. Accounting Records. <br />a. Establishment and Maintenance of Accounting Records. The Contractor <br />shall establish and maintain separate accounts for the public transportation program, either <br />independently or within the existing accounting system. All costs charged to the program shall <br />be in accordance with most current approved Annual Budget and shall be reported to the <br />Department in accordance with UPTAS. <br />b. Documentation of Proiect Costs. All costs charged to the Project, including <br />any approved services performed by the Contractor or others, shall be supported by properly <br />executed payrolls, time records, invoices, contracts, or vouchers evidencing in detail the nature <br />07-SC-056 Page 14 of 59 <br />Orange County <br />