Agmt13 San Mateo County Measure A Funds-Hudson St

Browse Search

detailing the SPONSOR's understanding of how the funds in question were spent for the approved Project, to which the TA will respond within thirty (30) days of receipt. The TA's response will be final, unless otherwise stated in the response, and the SPONSOR shall repay any funds determined to have been used other than for the approved Project within thirty(30) days. 2.3 Reimbursement Basis. SPONSOR may seek reimbursement for Project Costs incurred as of execution date of this Agreement. Project Costs must be incurred and paid by the SPONSOR prior to asking for reimbursement from the TA. Documentation must accompany all requests for reimbursement. No funding advances are allowed. 2.4 Accountin� and Request for Reimbursement Procedures. SPONSOR, in coordination with and to the satisfaction of the TA, shall establish procedures for Project accounting and requests for reimbursement. These procedures will track and reflect the accumulation of the TA's share of Project Costs for all work to be funded with New Measure A Funds during the term of the Project. In all cases, SPONSOR shall maintain all necessary books and records in accordance with generally accepted accounting principles. 2.5 Invoices; Pa, m�nts. SPONSOR shall prepare and submit billing statements, with all required supporting documentation, which may include but are not limited to copies of vendor invoices,backup documentation, checks, and payment advice, to the Accounts Payable staff of the TA requesting reimbursement of New Measure A funds for the TA's share of Project Costs as contemplated by this Agreement. Invoices may be submitted no more frequently than once a month. Invoices are to be submitted to: Accounts Payable San Mateo County Transportation Authority 1250 San Carlos Avenue San Carlos, CA 94070 2.6 Return of Proiect Cost Savin�s. Upon submission of the Final Report detailed in Section 1.5 of this Agreement, if the total Project costs are less than $665,800, SPONSOR shall return to the TA that proportion of the Project cost savings that is equal to the percentage of the original Project budget that consisted of New Measure A funds. SECTION 3: Term 3.1 Term. The term of this Agreement shall commence upon execution of the Agreement and shall conclude upon the earliest of: (a) the TA's final reimbursement to SPONSOR for work performed hereunder, (b) termination by SPONSOR or the TA pursuant to this Section 3, or(c) July 7, 2016. San Mateo County Transportation Authority/City of Redwood City ATTY/AGR/2013.007/HUDSON FUNDING AGREEMENT REV:O1-11-13 VR Page 4 of 14