Res 2010-133 - Laserfiche WebLink

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Definitions. Whenever used in these Construction Standard Terms and Conditions, the following words and phrases shall have the following meanings: a. "Assistant Secretary" refers to the Assistant Secretary of Commerce for Economic Development; b. "Award" — see the definition set out in the first paragraph of the Preface above; C. "Closeout" or "Project Closeout" refers to the process by which the Grants Officer determines that all applicable administrative actions and all required work under the Award has been completed by the Recipient and EDA; d. "Department" or "DOC" refers to the U.S. Department of Commerce; e. "Government" or "Federal Government" refers to EDA; f. "Grants Officer" refers to the Regional Director in the appropriate Regional Office; g. "Project Officer," refers to the EDA official responsible for technical or other programmatic aspects of the Award. During the post - approval stage of the Award, EDA generally assigns this role to an EDA Engineer /Construction Manager. h. "Project" refers to the activity for which the EDA grant was awarded; i. "Recipient" refers to the undersigned grantee of U.S. government funds under the Award to which this document is made a part; j. "Regional Office" refers to an EDA regional office; k. "Subrecipient" or "Subgrantee" refers to the legal entity to which a subaward is made and which is accountable to the Recipient for the use of grant funds (this term does not include subcontractors with whom the Recipient enters into a contractual agreement); and 1. "Terms and Conditions of the Award" — see the definition set out in the first paragraph of the Preface above. Capitalized terms used but not otherwise defined in these Construction Standard Terms and Conditions have the meanings ascribed to them in EDA's regulations at 13 C.F.R. §§ 300.3, 302.20, 307.8, and 314.1. 4. Grant Recipient as Trustee. The Recipient holds grant funds and any EDA - assisted Project property in trust for the purpose(s) for which the Award was made. The Recipient's obligation to the Federal Government continues for the estimated useful life of the Project, as determined by EDA, during which EDA retains an undivided equitable reversionary interest (the "Federal Interest ") in the property improved, in whole or in part, with the EDA investment. See 13 C.F.R. § 314.2. If EDA determines that the Recipient fails or has failed to meet this obligation, the agency may exercise any rights or remedies with respect to its Federal Interest in the Project. However, EDA's forbearance in exercising any right or remedy in connection with the Federal Interest does not constitute a waiver thereof. B. Financial Requirements. Financial Reports. a. While EDA generally does not advance funds under an Award, the Recipient must submit Form SF -272, "Report of Federal Cash Transactions," for any Award where funds are to be advanced to the Recipient. Form SF -272 is due 15 working days following the end of each uq arter for an Award under $1 million, 15 working days following the end of each 3