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AGENCY OBLIGATIONS <br /> FINANCE <br /> 22. federal funds shah beyapplied toward ~iroject costs at the current federal-aId matching ratio, unle~ <br /> otherwise agreed--and ~a Towable by law. Agency shall be responsible for the entire==match amount' <br /> unless otherwise agreed to and specified in the intergovernmental agreement: <br /> 23. Agency's estimated share and advance deposit. <br /> A. Agency shall, prior to commencement of the preliminary engineering and/or right-of--way <br /> acquisition phases, deposit with State its estimated share of each phase. Exception may be made <br /> in the .case of projects where Agency has written approval from the State to use in-kind <br /> contributions rather than cash to satisfy all or part of the matching funds requirement. <br /> B. Agency'sconstruction phase deposit shall be 110 percen# of Agency's. share~of <br /> -the~,eng~neer'~~ <br /> estimate and shalf~be reeeived prior to~awar~i~f the bid. Any additional balance of the deposit, <br /> based on the actual bid must be received within 45 days of receipt of written notification by the <br /> State of the final amount due, unless the contract is canceled. Any unnecessary balance of a cash <br /> deposit, based on the actual bid, will be refunded within 45 days of receipt by the State of the <br /> project sponsor's written request. <br /> C. Pursuant to ORS 366.425, the advance deposit may be in the form of 1) money deposited in the <br /> State Treasury (an option where a deposit is made in the Local Government Investment Pool, and <br /> an Irrevocable Limited Power of Attorney is sent to the Highway Finance Office), or 2) an <br /> Irrevocable Letter of Credit issued by a local bank in the name of State, or 3) cash. <br /> D. Agency may satisfy all or part of any matching funds requirements by use of in-kind <br /> contributions rather than cash when prior written approval has been given by State. <br /> 24. If the estimated cost exceeds the total matched federal funds available; Agency <br /> shall~~depos'tµts-share <br /> of~the~required <br /> ~rnatehing~=funds--p1~us~~1~00~pereent~=o~=ali~ costs-in-~=excess~nf the-total~~matched~<fedet'aL <br /> funds. Agency shall also pay 100 percent of the cost of any item in which the FHWA will not <br /> participate. If Agency has not repaid any non-participating cost, future allocations of federal funds, or <br /> allocations of State Highway Trust Funds, to that Agency may be withheld to pay the <br /> non-participating costs. If the State approves processes, procedures, or contract administration <br /> outside the Local Agency Guidelines, .that result in items being declared non-participating, those <br /> items will not result in the withholding of Agency's future allocations of federal funds or the future <br /> allocations of State Highway Trust Funds. <br /> 25 Costs~ineurred by"`tfie'""State and Agency for services performed in connection with any phase o~~flie <br /> ,project~sh~h be~eharged to the project, unless otherwise mutually agreed upon. <br /> STDPRO-2000.doc 5 <br /> <br /> Rev. 11-28-2003 <br /> <br />