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Agreement No. FTA04A39 <br /> Sheet 4 of 13 <br /> SECTION 5. Delivery by STATE of any funds provided pursuant to this <br /> Agreement is contingent upon prior budget action by the legislature, fund <br /> allocation by CTC, submittal by RECIPIENT and approval by STATE of all <br /> documentation required by Government Code Section 14085 and, if bonds are <br /> the fund source, subject to the sale of bonds by the State Treasurer. In the event <br /> bond sales are delayed, canceled, or downsized or TCI grant funds are <br /> restricted, limited or otherwise conditioned by acts of Congress, the CTC, the <br /> Legislature, the Internal Revenue Service or the Federal Transit Authority, <br /> STATE shall not be held liable for any resulting damage or penalty. In the event <br /> of any such imposition of additional conditions, delay, cancellation or reduction <br /> in STATE funding, RECIPIENT shall be excused from meeting the time and <br /> expenditure schedule to the extent of such delay, cancellation or reduction and <br /> this Agreement will be amended to reflect the necessary changes in scope or <br /> scheduling of the Project. <br /> SECTION 6. STATE reserves the right to terminate its funding for any <br /> Project upon written notice to RECIPIENT in the event that RECIPIENT fails to <br /> proceed with the work in accordance with the Scope of Work document, the <br /> bonding requirements if applicable, or otherwise violates the conditions of these <br /> Provisions or the allocation such that substantial performance is significantly <br /> endangered. In the event of such termination, RECIPIENT shall be reimbursed <br /> its authorized costs up to the STATE's share of allowable Project costs incurred <br /> prior to the date of termination, provided that all other terms and conditions of <br /> this Agreement have been met Any such termination shall be accomplished by <br /> delivery to RECIPIENT of a Notice of Termination,which notice shall become <br /> effective not less than 30 days after receipt, specifying the reason for the <br /> termination, the extent to which funding of work under these provisions is <br /> terminated and the date upon which such termination becomes effective, if <br /> beyond 30 days after receipt. During the period before the effective termination <br /> date, RECIPIENT and STATE shall meet to attempt to resolve any dispute. <br /> ARTICLE IV. REPORTS AND RECORDS <br /> SECTION 1. RECIPIENT and its contractors shall establish and maintain <br /> an accounting system and records that properly accumulate and segregate <br /> incurred costs by line item for the Project RECIPIENT and contractor <br /> accounting systems shall conform to generally accepted accounting principles <br /> (GAAP), enable the determination of incurred costs at interim points of <br /> completion, and provide support for reimbursement payment vouchers or <br /> invoices. All accounting records and other supporting papers of RECIPIENT <br /> and its contractors connected with performance under this Agreement shall be <br /> maintained for a minimum of three years from the date of final payment to <br /> RECIPIENT under these provisions and shall be held open to inspection and <br /> audit by representatives of STATE and the Auditor General of the State and <br />