Agenda - Council - 09/25/2001 - Laserfiche WebLink

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are not used for the authorized purposes specified in this paragraph; any grant funds that are not matched on a dollar-for-dollar basis as required by paragraph 2.02; any interest earnings described in paragraph 2.06 that are not used for the purposes of implementing the project activities described in Attachment A; and any "revolved" funds described in paragraph 2.06 that are not used by the Grantee to implement affordable and life-cycle housing initiatives pursuant to paragraph 2.06. 2.04 Budget Variance. A variance of ten percent (10%) in the amounts allocated to various eligible uses identified in Attachment A shall be considered acceptable without further documentation or Council approval. Budget variances exceeding ten percent (10%) may require approval of the governing body of the Metropolitan Council. Notwithstanding the aggregate or net effect of any variances, the Council's obligation to provide grant funds under this agreement shall not exceed the max/mum grant amount specified in paragraph 2.01 of this agreement. 2.05 Disbursement Schedule. The Council will disburse the grant funds to the Grantee in accordance with the grant fund disbursement schedule contained in Attachment B, which is incorporated into and made a part of this agreement. The Council will make disbursements'only upon receipt of a written disbursement request from the Grantee's authorized agent or representative. 2.06 Interest Earnings and Revolved Funds. If the Grantee earns any interest or other income from the grant funds received fi.om the Council under this agreement, the Grantee witl use the interest earnings or income only for the purposes of implementing the project activities described in Attachment A. If the Grantee uses the grant funds on a "revolving" basis or otherwise receives revolved funds fi.om the project activities described in Attachment A, the Grantee must: (a) use the revolved funds to implement similar eligible projects that will help the Grantee meet its affordable and life-cycle housing goals and implement the purposes of Minnesota Statutes sections 473.25 and 473.254; or (b) return the revolved funds to the Council for use with other eligible projects. The Grantee shall report to the Council any revolved funds received by the Grantee and the Grantee's uses of those revolved funds. 2,0? Effect of Grant. Issuance of this grant neither implies any Council responsibility for contamination, if any, at the project site nor imposes any obligation on the Council to participate in any pollution cleanup of the project site if such cleanup is undertaken or required. III. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01 Accounting and Records. The Grantee agrees to establish and maintain accurate and complete accounts and records relating to the receipt and expenditure .of all grant funds received from the Council. Notwithstanding the expiration and term/nation provisions of paragraphs 4.01 and 4.02, such accounts and records shall be kept and maintained by the Grantee for a period of six (6) years following the completion of the project activities described in Attachment A or six (6) years following the expenditure of the grant funds, whichever occurs earlier. For all expenditures of grant funds received pursuant to this agreement, the Grantee will keep proper financial records including invoices, contracts, receipts, vouchers and other appropriate documents sufficient to evidence in proper detail the nature and propriety of the expenditure. The Grantee also wilt keep proper financial records and other appropriate documents suf~qcient to evidence the nature and -304- Page 3 of 7 Pages I; I, I I ! I I I I I I I I I I II I I