Agenda - 01-03-1989 - Laserfiche WebLink

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Page 3 of 13 of a grant agreement between the UMTA and the Department. Section 4. Periodalonnance. The Contractor shall commence, carry on, and complete the Project as described in the Approved Project Budget by June 30, 1991. This Agreement shall remain in effect until the Contractor has satisfactorily disposed of all project equipment in accordance with Sections 14 and 15 of this Agreement. Section 5. Cost of Project. The total cost of the Project, approved by the Department and UMTA, is SIXTY-FIVE THOUSAND, ONE HUNDRED DOLLARS ($65,100) as set forth by Appendix A, Project Description and Budget. (a) State Share. The Department shall provide, from federal and State funds, ninety (90%) percent of the actual net cost of the Project, not in excess of FIFTY-EIGHT THOUSAND, FIVE HUNDRED NINETY DOLLARS ($58,590). (b) Local Share. The local share must be provided from source other than federal funds, except where specific legislative language of a federal program permits its funds to match other federal funds. The Contractor hereby agrees that it will provide ten (10%) percent of the actual net cost of the Project. The net cost is the price paid minus any refunds, rebates, or other items of value received by the Contractor which have the effect of reducing the actual cost. The Contractor shall initiate and prosecute to completion all actions necessary to enable the Contractor to provide its share of Project costs at or prior to the time that such funds are needed to meet Project costs. The Contractor shall provide its share of Capital costs from sources other than UMTA funds. (c) Capital Expenditures. In order to assist the Contractor in financing the capital costs of the Project, the Department will reimburse the Contractor for ninety (90%) percent of allowable capital costs not in