Agmt14 San Mateo County Transportation Authority Measure A Funds

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b) Sponsar will transmit to the TA the Independent Auditor's Report prepared for Sponsor's Comprehensive Annual Financial Report within thirty(30) days of receipt by Sponsor and highlight the section that pertains to the Measure A funding. SECTION 2: Funding and Payment 2.1 Funding Commitment. The TA allocates to Sponsor up to $976,780 for reimbursement of expenditures related to the Scope of Work(Scope of Work Costs)as provided in this Section 2. Sponsor will contribute, or provide for the contribution of, the entire amount in excess of$976,780 needed to complete the Scope of Work, and must provide at least 12.24%of the Scope of Work Costs and 13.02%of total Project costs. The TA's funding commitment under this Agreement in no way establishes a right for Sponsor to receive additional funding from the TA. All funding obligations of the TA under this Agreement are subject to downward adjustment based on actual sales tax receipts for the fiscal years indicated. Sponsor will assess and confirm its ability to complete the Scope of Work within budget as part of the quarterly reporting requirements established in Section 1.4, above. Sponsor must further notify the TA between reporting cycles if Sponsor determines that the budget will not be sufficient to complete the Scope of Work. The TA reserves the right to suspend its funding obligation as set forth in Section 3.4 of this Agreement upon such notice, and until Sponsar develops a credible funding plan acceptable to the TA to fund and complete the Scope of Work. 2.2 Use of Funds. Sponsor will use Measure A Funds only for direct eligible costs to complete the Scope of Work. Sponsor agrees to use Measure A Funds to supplement existing revenue. Sponsar will not use Measure A Funds to replace other local taxes or revenues already programmed and available for use for the same purpose. If the TA detertnines that Sponsor has used Measure A Funds other than for the approved Scope of Work,the TA will notify Sponsor of its determination. Within thirty(30) days of receipt of notification, Sponsor will either(a)repay such funds to the TA, or(b) explain in writing how the funds in question were spent for the approved Scope of Work. The TA will respond to Sponsor's written explanation within thirty(30) days of receipt. Unless otherwise stated in the response,the TA's response will be final, and Sponsor will repay any funds used other than for the approved Scope of Work within thirty(30) days. 2.3 Reimbursement Basis. Sponsor may seek pro rata reimbursement for Scope of Work Costs incurred on or after the Execution Date, and only after Sponsor has incurred costs San Mateo County Transportation Authority/City of Redwood City Safe Routes to Schools Improvement Project May 28,2014 boilerplate 6670014.1 REV:09-04-14 VR � 4 ATTY/AGR/2014.160/SAN MATEO COUNTY TRANSPORTATION AUTHORITY