Res 2003-125 - Laserfiche WebLink

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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. Sponsor's share of project costs (Amount D) 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. Sponsor, by executing this Agreement certifies, and upon request, shall furnish proof to the Sthte that it has sufficient funds to meet its share of the costs as stated. The Sponsor 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 the funds. In addition, the Sponsor shall disclose the source of all funds for the project and its ability to finance and operate the project. Following the execution of this Agreement and upon written demand by the State, the Sponsor's financial obligation (Amount D) shall be due and payable to the State. State may request the Sponsor's financial obligation in partial payments. Should the Sponsor fail to pay said obligation, either in whole or in part, within 30 days of written demand, the State may exemise its fights under Paragraph V-7. Likewise, should the State be unwilling or unable to pay its obligation in a timely manner, the failure to pay shall be considered a breach and the Sponsor may exercise any rights and remedies it has at law or equity. PART III - Sponsor Responsibilities In accepting the Agreement, the Sponsor guarantees that: a. it wilt comply with the Attachment A, Certification of Airport Fund, attached and made a part of this agreement; and b. it will comply with the Attachment B, Certification of Project Fund, attached and made a part of this Agreement; and c. it will comply with the Attachment C, Airport Assurances (9/99)(State Modified 9/99), attached and made a part of this Agreement; and d. it will, in the operation of the facility, comply with all applicable state and federal 3 of 26