Authorizing the Acceptance of the Grant offer of the United States of America by the Municipal City of South Bend

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(b) It has the funds or a firm and binding commitment to provide its share of the Project costs; (c) It has deposited into the Construction Account, in addition to the grant proceeds, any portion then available of the funds to be furnished by the Applicant to meet its share of the Project costs and that it will promptly deposit any remaining portion of its share of Project costs in order that all payments in connection with the Project can be made as the same become due; (d) The Project can be completed at a total cost satisfactory to the Govern- ment which will be within the amount of funds available therefor; (e) The Applicant (1) has formally amended its capital improvement plan, budget or other schedule, or is in the process of so amending it, to incorporate the increase in its planned net expenditures for capital improvements pursuant to the resolution furnished with the grant applica- tion; (2) has secured, or is in the process of securing, approval of the amendments by any State or other public body having authority in such matters; and (3) has arranged for, or is proceeding expeditiously to obtain, the funds needed for such increase in expenditures. Section 6. Grant Disbursements. The Applicant may requisition disbursements against the grant as follows: (1) 25% upon approval of the award of the construction contract(s). (2) 50% when construction is 5016 complete. (3) 15% upon final inspection. (4) 10% after Project completion and audit, subject to adjustment to reflect the actual cost as determined by the Government. Such requisitions shall be accompanied by such supporting data as the Govern- ment may require and shall be honored by the Government, subject to the pro- visions of the Grant Agreement. No request for review of a determination of the Government affecting the grant payable under the Agreement will be considered unless such request is received by the Government not later than three months following notice to the Applicant of such determination. All accounting records including bank deposit slips, cancelled checks and other supporting documents and construction contract awards shall be retained intact for audit or inspection by the Government's authorized representatives. Section 7. Construction Account. The Applicant shall set up in a Depository Bank, or with the fiscal agency of the Applicant fixed by law, a separate account or accounts (herein collectively called the "Construction Account ") into which shall be deposited the proceeds of the Government grant and the funds required by the provisions of the Grant Agreement to be furnished by the Applicant to assure the payment of all Project costs. Moneys in the Construction Account shall be expended only for such purposes as shall have been previously specified in the project cost estimates approved by the Government. The Applicant shall pay all Project costs from the Construction Account.