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22. Agency's share of construction shall be deposited in two parts. 'The initial deposit shall represent 65 <br />percent of the Agency's share, based on the engineer's estimate and shall be requested three weeks <br />prior to opening bids on the project. The contract will not be awarded until the deposit is received. <br />Upon award of the contract, the balance of the Agency's share shall be requested and deposited with <br />the State in a timely manner. <br />23. Pursuant to ORS 366.425, the advance deposit may be in the form of I) money deposited in the State <br />Treasury (Local Government Investment Pool, and an Irrevocable Limited Power of Attorney is sent <br />to ODOT's Financial Services Branch), or 2) an Irrevocable Letter of Credit issued by a local bank in <br />the name of the State. The deposit may also be in the form of cash. <br />24. Deposits may be applied to any phase of the project under the same agreement. <br />25. Additional deposits, if any, shall be made as needed upon request from the State. .Requests for <br />additional deposits shall be accompanied by an itemized statement of expenditures and an estimated <br />cost to complete the project. <br />26.Agency shall present invoices for 100 percent of actual costs incurred by~Agency on behalf.of:the <br />project directly to .State's Liaison Person for review and approval. Such invoices shall identify the ; <br />~, project and agreement number, and shall itemize and explain all expenses for which reimbursement: is . ,: <br />claimed. Billings shall, be presented for periods of not less than one-month duration, based on actuai~: <br />. expenses to date. ;All :billings received from Agency must be approved by State's Liaison Person: ,: . <br />_. <br />prior to payment Agency's.-actual-costs-eligible for-federal-aid or--State_participationshall:be~, ose_- > _ . _._ ___. <br />a owa a oriel-e~~tlre-provisio ~D ' " '" n '^d .140•-F-irial billt~g~hail be submitted <br />~z.~~~T=o; ~. <br />to State for rocessing within three months from the end of each funding phase as follows: 1) award. <br />date of a construction contrast -for pre unwary engineering -}sayment-fo --- ~ ---- --- <br />acquisition and 3) third notifcation for construction. Partial billing. (progress payment) shall be <br />submitted to State within three months from date that .costs are incurred. Final billings submitted. <br />27. The cost records and accounts pertaining to work covered by this agreement are to be kept available <br />for inspection by representatives of State and the FHWA for a period of three (3) years following the <br />date of final voucher to FITWA. Copies of such records and accounts shall be made available upon <br />request. For real property and equipment, the retention period starts from the date of disposition (49 <br />28. If Agency should cause the project to be canceled or terminated for any reason prior to its. <br />completion, Agency agrees to reimburse State within three months of billing for any costs that have <br />been incurred by State on behalf of the project. <br />29. State shall request reimbursement, and Agency agrees to. reimburse State, for federal-aid .funds <br />distributed to Agency if any of the following events occur: <br />a} That right-of--way acquisition or actual. construction. of the facility for which <br />preliminary engineering is undertaken is not started. by the close of the tenth fiscal <br />year following the fiscal year in which the federal-aid funds were authorized; <br />STDPR098.doc ~ <br />Rev.06-04-98 <br />