Res 2002-187 - Laserfiche WebLink

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5. During design, if the estimated eligible construction project costs exceed Amount C, above, the Sponsor may request the State to void this Agreement. The State shall agree to void this Agreement upon the satisfaction of the following conditions: a. the Sponsor's request to the State to void the Agreement shall be in writing and dated; and b. if required by the State, the Sponsor shall reimburse the State for funds expended on this project and Sponsor shall assume the responsibility for any future expenses for contracted services or materials related to the project for which a contract had been executed prior to the Sponsor's request to void the Agreement. Sponsor funds held by the State may be retained until this requirement is satisfied; and c. failure on the part of the Sponsor to comply with the conditions of this paragraph shall constitute a breach of this Agreement. 6. Upon satisfaction of the conditions specified in Paragraph ll-5 above, the State shall declare this Agreement null and void, and this Agreement shall have no force and-effect, except that unexpended or unencumbered moneys actually deposited by the Sponsor and held with the State for project purposes shall be returned to the Sponsor within a reasonable time. 7. It is mutually understood and agreed that if, during the life oJ the project, the State determines that the grant amount exceeds the expected needs of the sponsor by $5,000 or five (5%) percent, whichever is greater, the grant amount can be unilaterally reduced by letter from the State advising of the budget change and a refund of the sponsor share of the reduction will be done. Conversely, if there is an overrun in the eligible project costs, the State may increase the grant to cover the amount of overrun not to exceed the statutory fifteen (15%) percent limitation, and will advise the Sponsor by letter of the increase. Upon receipt of the aforementioned letter, the maximum obligation of the United States is adjusted to the amount specified and the Sponsor will remit their share of the increased grant amount. Participation in additional federally eligible costs may require approval by the Texas Transportation Commission. The State will not authorize expenditures in excess of the dollar amounts identified in this Agreement and any amendments, without the consent of the Sponsor. Payment of the United States share of the allowable project costs will be made in accordance with the provisions of such regulations and procedures as the State and the FAA, shall prescribe. Final determination of the United States share will be based upon the final audit of the total amount of allowable project costs and settlement will be made for any upward or downward adjustments to the Federal share of costs. 8. Sponsor's share of project costs (Amount E) shall be paid initially in cash when requested by the State. At project closeout, Sponsor will be reimbursed for any credited amounts that exceed Sponsor's share. Page 3 of 26