Res 1999-043 - Laserfiche WebLink

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made by the State in behalf of the Sponsor which are in excess of the federal percentage of financial participation as heretofore stated in Paragraph IT-2. The State shall refund to the Sponsor, at the 'financial closure of the project, any excess funds provided by the Sponsor. 5. If there is an overrun in the total eligible project costs (Amount B), the State may increase the federal funds to cover the amount of overrun not to exceed the statutory fifteen (15%) percent federal funds limitation. The State may, at the request of the Sponsor, participate in additional eligible costs to the extent of the aforesaid appropriate percentages and subject to the availability of federal funds. 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 thereto, without the consent of the Sponsor. Conversely, it is mutually understood and agreed that it: during the life of the project, the State determines that the grant amount exceeds the expected costs of the project scope, the grant amount can be reduced by amendment. Upon issuance of either of the aforementioned supplements, the maximum obligation of the United States is adjusted to the amount specified. Payment of the United States share of the allowable project costs will be made pursuant to and in accordance with the provisions of such regulations and procedures as the State and the Federal Aviation Administration, hereinafter referred to as 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. 6. At project close-out, Sponsor will be reimbursed for any credited amounts that exceed Sponsor's share. 7. Sponsor, by executing this Agreement certifies, it has sufficient funds to meet its share of the costs as heretofore stated. The Sponsor hereby grants to the State and federal government the right, upon advance written request during reasonable and regular business hours, to audit any books and records of the Sponsor to verify said funds. In addition, the Sponsor shall disclose the source of all funds for the project and its ability to finance and operate the project. 8. The State shall make all reasonable attempts to acquire federal funding for the completion and construction of this project within two years of completion of design services. The Sponsor hereby agrees to complete and construct this project within two years of completion of design services, subject to the availability of federal funds. Page 3 of 14