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' ~ t i <br /> Agency City of Eugene/ODOT <br /> Agreement No. 21639 <br /> 2. The total estimated cost of the Agency Project is $ 800,000. The grant amount shall <br /> be limited to $800,000. It is anticipated that any investment earnings associated <br /> with investment of the grarit proceeds plus the grant amount will not exceed the <br /> estimated cost of the Agency Project. Agency shall be responsible for all costs, <br /> including inflationary cost increases, in excess of grant amount and any investment <br /> earnings. Exhibit A identifies the estimated cost and grant share for each individual <br /> bridge project. <br /> <br /> . 3. Grant funds and any interest accrued by Agency on the grant funds, may be used <br /> interchangeably among the specific projects identified in Exhibit A if more than one <br /> project is identified, so long as each project is fully funded. <br /> 4. The Agreement is effective and the work may begin on the date all signatures are <br /> obtained and shah be completed in accordance with Agency Obligation No. 9, and <br /> upon such completion, this Agreement automatically terminates unless extended by <br /> a fully executed amendment. <br /> ODOT OBLIGATIONS: <br /> 1. ODOT shall sell highway user tax revenue bonds pursuant to 2003 Or. Laws Ch. <br /> 618, and will have monies available from said sale for grants to cities and counties <br /> to replace and repair local bridges consistent with that statutory authorization. The <br /> terms of this Agreement are contingent upon the sale of those bonds.. If ODOT fails <br /> to secure the bonds or sufficient proceeds from the bond sale(s) to meet the <br /> commitments for the local bridges chosen by the OTC at its March 3, 2004 meeting, <br /> this Agreement shall become null and void. <br /> 2. ODOT shall provide grant money to Agency in an amount not to exceed $800,000 to <br /> cover Agency Project costs described in this Agreement. Under no condition shall <br /> ODOT's total obligation for grant money for this Agency Project exceed the stated <br /> amount, including all expenses, nor shall ODOT have any other obligation to supply <br /> .funds for Agency Project. ODOT will disperse the grant funds to Agency through an <br /> electronic fund transfer within 2-7 days after the closure of the bond sale, or of the <br /> date of signature by all parties of this Agreement, if that date is later than the bond <br /> sale closure. <br /> 3. ODOT may conduct audits, inspections, and any other inquiries and investigations, <br /> as it deems necessary, to ensure that Agency complies with this Agreement and <br /> that grants funds are being spent in accordance with the terms of this Agreement <br /> and the terms of the bond sale. <br /> 4. Agency shall be entitled to receive and retain investment earnings associated with <br /> its investment of grant proceeds and use those funds on the local bridge project(s) <br /> approved by the OTC in Exhibit A. To the extent that the grant amount plus the <br /> investment earnings exceeds the actual costs of the approved project(s) (including <br /> ......2003 OTIA Program IGA _ _ page 2 of 9 _ _ - _ _ _ _ _ <br /> _ _ _ - _ <br /> <br />