Agenda - 08-06-1990 - Laserfiche WebLink

Browse Search

Page 3 of 5 any cost deemed ineligible for reimbursement by the Department in accordance with the terms of this Agreement, shall be borne in full by the Contractor." Be, and hereby amended and revised to read as follows: "Section 5. Cost of Project. The total cost of the Project, approved by the Department and UMTA, is FIFTY -SIX THOUSAND, EIGHT HUNDRED EIGHTY -THREE DOLLARS ($56,883) 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 -ONE THOUSAND, ONE HUNDRED NINETY -FOUR DOLLARS ($51,194). (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 excess of FIFTY -ONE THOUSAND, ONE HUNDRED NINETY -FOUR DOLLARS ($51,194).