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<br />ATTACHMENT C <br />PAYMENT AND FISCAL MANAGEMENT <br /> <br />(i) Contractor shall develop and use a property management system that <br />conforms with all applicable state and local laws, rules, and regulations. If <br />an adequate system for accounting for personal property is not in place or <br />currently in use, the Property Accounting System Manual issued by the <br />State of Texas General Services Commission shall be used as a guide for <br />establishing such a system. <br />A physical inventory of all property acquired or replaced under this <br />agreement having an initial per unit purchase price of one thousand dollars <br />($1,000) or more, shall be conducted no less frequently than once every two <br />years and the results of such inventories reconciled with the appropriate <br />property records. Property control procedures utilized by Contractor shall <br />include adequate safeguards to prevent loss, damage, or theft of the <br />acquired property. Contractor shall develop and carry out a program of <br />property maintenance as necessary to keep both originally acquired and any <br />replaced property in good condition, and to utilize proper sales procedures <br />to ensure the highest possible return, in the event such equipment or <br />property is sold. All property acquired or replaced under this Agreement <br />shall be used by Contractor to support the purposes of this Agreement, for <br />as long as the equipment or facilities are needed for such purposes, whether <br />or not the original projects or programs continue to be supported by State <br />funds. <br />For property with a current fair market, per-unit value of five thousand <br />dollars ($5,000) or less, Contractor may for the purpose of replacing the <br />property acquired under this Agreement, either trade in or sell the property <br />and use the proceeds of such trade-in or sale to offset the cost of acquiring <br />needed replacement property. <br />For property with a current fair market, per-unit value in excess of five <br />thousand dollars ($5,000), Contractor shall, for the purpose of replacing the <br />property acquired under this Agreement within six years of the initiation date <br />of this Agreement, obtain written authorization from the ATCOG prior to <br />trading in or selling the property and using the proceeds of such trade-in or <br />sale to offset the cost of acquiring needed replacement property. <br />Property with a current fair market, per-unit value of five thousand dollars <br />($5,000) or less, if no longer needed for the support of the authorized <br />projects or programs under this Agreement, whether original or replacement, <br />may be used in support of other activities currently or previously supported <br />by A TCOG or alternatively, may be made available for use on other projects <br /> <br />16 <br />