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PART IV - Nomination of the Agent <br /> <br />The Sponsor designates the State as the party to receive and disburse all funds used, or to <br />be used, in payment of the costs of the project, or in reimbursement to either of the parties <br />for costs incurred. <br /> <br />The State shall, for all purposes in connection with the project identified above, be the <br />Agent of the Sponsor. The Sponsor grants the State a power of attorney to act as its agent <br />to perform the following services: <br /> <br />accept, receive, and deposit with the State any and all project funds granted, <br />allowed, and paid or made available by the Sponsor, the State of Texas, or any <br />other entity; <br /> <br />b. enter into contracts as necessary for execution of scope of services; <br /> <br />Co <br /> <br />if State enters into a contract as Agent: exercise supervision and direction of the <br />project work as the State reasonably finds appropriate. Where there is an <br />irreconcilable conflict or difference of opinion, judgment, order or direction <br />between the State and the Sponsor or any service provider, the State shall issue a <br />written order which shall prevail and be controlling; <br /> <br />receive, review, approve and pay invoices and payment requests for services and <br />materials supplied in accordance with the State approved contracts; <br /> <br />obtain an audit as may be required by state regulations; the state auditor may <br />conduct an audit or investigation of any entity receiving fimds from the state <br />directly under the contract or indirectly through a subcontract under the contract. <br />Acceptance of funds directly under the contract or indirectly through a subcontract <br />under this contract acts as acceptance of the authority of the state auditor, under <br />the direction of the legislative audit committee, to conduct an audit or <br />investigation in connection with those funds. <br /> <br />reimburse sponsor for approved contract maintenance costs no more than once a <br />month. <br /> <br />PART V - Recitals <br /> <br />This Grant is executed for the sole benefit of the contracting parties and is not intended or <br />executed for the direct or incidental benefit of any third party. <br /> <br />2. It is the intent of this grant to not supplant local funds normally utilized for airport <br /> <br />Page 6 of 12 <br /> <br />AVN4301.DOC (9/2004) <br /> <br /> <br />