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<br /> (c) The SUBCONTRACTOR shall conduct physical property inventories, to maintain <br /> property records and necessary control procedures, and to provide adequate maintenance <br /> with respect to all property acquired under this Contract for which the <br /> SUBCONTRACTOR retains title, as further set forth in Subsections (i) through (x) below. <br /> (i) The SUBCONTRACTOR shall develop and use a property management <br /> system that confonns \vith all applicable state and local laws, rules, and <br /> regulations. If an adequate system for accounting for personal property is not in <br /> place or currently in use, the Property Accounting System Manual issued by the <br /> State of Texas General Services Commission shall be used as a guide for <br /> establishing such a system. <br /> (ii) A physical inventory of all property acquired or replaced under this <br /> Contract having an initial per-unit purchase price of one thousand dollars ($1,000) <br /> or more, shall be conducted no less frequently than once every two years and the <br /> results of such' inventories reconciled with the appropriate property records. <br /> Property control procedures utilized by the SUBCONTRACTOR shall include <br /> adequate safeguards to prevent loss, damage, or theft or the acquired property. <br /> The SUBCONTRACTOR shall develop and carry out a program of property <br /> maintenance as necessary to keep both originally acquired and any replaced <br /> property in good condition, and to utilize proper sales procedures to ensure the <br /> highest possible return, in the event such equipment or property is sold. <br /> (iii) All property acquired or replaced under this Contract shall be used by the <br /> SUBCONTRACTOR to support the purposes of this Contract, for as long as the <br /> equipment or facilities are needed for such purposes, whether or not the original <br /> projects or programs continue to be supported by State funds. <br /> (iv) For property with a current fair market, per-unit value of five thousand <br /> dollars ($5,000), the SUBCONTRACTOR shall, for the purpose of replacing the <br /> property acquired under this Contract. either trade in or sell the property and use <br /> the proceeds of such trade-in or sale to offset the cost of acquiring needed <br /> replacement property. <br /> (v) For property with a current tàir market, per-unit value in excess of five <br /> thousand dollars ($5,000), the SUBCONTRACTOR shall, for the purpose of <br /> replacing the property acquired under this Contract within six years of the <br /> initiation date of this Contract, obtain written authorization from CAPCO prior to <br /> trading in or selling the property and using the proceeds of such trade-in or sale to <br /> offset the cost of acquiring needed replacement property. <br /> (vi) Property with a current fair market, per-unit value of five thousand dollars <br /> ($5,000) or less, if no longer needed for the support of the authorized projects or <br /> programs under this Contract, whether original or replacement, may be used in <br /> support of other activities currently or previously supported by CAPCO, or <br /> alternatively, may be made available for use on other projects or programs, <br /> providing such other use will not interfere with the \'lork on those projects or <br /> programs for which such equipment or facilities were originally acquired or <br /> constructed. <br /> Capital Area Planning Council <br /> FY 1998 Solid Waste Contract 9 <br /> - <br />