Laserfiche WebLink
<br />Part II - Offer of Financial Assistance <br /> <br />1. It is estimated that approximately $75,050.00 (Amount A) of the project <br />costs will be eligible for state financial assistance, and that state <br />financial assistance will be for ninety percent (90%) of the eligible <br />project costs. The Department shall determine fair and eligible project <br />costs for state financial assistance, and will not participate in costs <br />considered unreasonable. It is estimated that the Sponsor's share of the <br />eligible project costs will be approximately $7,505.00 (Amount B) and the <br />Department's share of eligible project costs will be approximately <br />$67,545.00 (Amount C). <br /> <br />2. Should eligible project costs exceed the amount shown above (Amount A), <br />the Department may participate in the additional eligible costs to the <br />extent of the aforesaid appropriate percentages and subject to the <br />availability of state funds. Participation in additional costs may require <br />approval by the Texas Transportation Commission. <br /> <br />3. Should estimated eligible project costs as determined following the <br />receipt of bids for the project, exceed the amount shown above (Amount A), <br />the Sponsor may request the Department to void this Agreement, whereupon <br />the Department shall agree to void this Agreement upon the satisfaction of <br />the following conditions: <br /> <br />a. the Sponsor's request to the Department to void the Agreement shall <br />be in writing and dated; and <br /> <br />b. if requi red by the Department, the Sponsor shall reimburse the <br />Department for State funds expended on th is project and Sponsor <br />shall assume the responsibility for any future State expenses for <br />contracted services or materials related to the project for which a <br />contract had been executed prior to the Sponsor's request to void <br />the Agreement. <br /> <br />4. Failure on the part of the Sponsor to comply with the conditions of <br />Paragraph 11-3 shall constitute a breach of this Agreement. <br /> <br />5. Upon satisfaction of the conditions specified in Paragraph II-3, the <br />Department shall declare this Agreement null and void, and this Agreement <br />shall have no force and effect. <br /> <br />6. The Sponsor specifically agrees that it shall pay any project costs which <br />exceed the amount of financial participation agreed to by the Department. <br />It is further agreed that the Sponsor will reimburse the Department for <br />any payment or payments made hereunder by the Department wh i ch are in <br />excess of the Department's percentage of financial participation as stated <br />in Paragraph II-I. <br /> <br />7. Sponsor, by executing this Agreement certifies and, upon request, shall <br />furnish proof to the Department that it has sufficient funds to meet its <br />share of the costs. The Sponsor hereby grants to the Department the right <br />to audit any books and records of the Sponsor to verify the funds. In <br />addition, the Sponsor shall disclose the source of all funds for the <br />project and its ability to finance and operate the project. <br /> <br />Page 2 of 9 <br />