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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 1) 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 tiehalf.of:the <br />project directly to State's Liaison Person for review and approval. Such invoices shall :identify the <br />project an~ agreement number, and shall itemize and explain all expenses for which reimbursement is . , <br />claimed. Billings ,halt be presented for periods of not less than one-month duration, based on actdai': <br />expenses :to date.. Ali ;billings received from Agency must be approved by State's Liaison •Person~ , <br />a ~'--t`- -t~-~tt r- r-~---t _S,t __ ('+c_i.. .....t:,.:«,.a:..« ,.t...i/ 1,,._al.;::... - <br />r---- -- r--~-------; :: -;+ <br />i, KIaV RKV1V a4aluva aaav tJav~ a.aavaa.a va 1 a u v, a... va a~ a.a a, • a v, ..+..+•- .... - ~..-- ..---WD- ------.- - ---------- <br />to State for processing within three months from the end of each funding phase as follows: 1) award <br />acquisition and 3) third notification 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 FI-iWA. 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 5 - <br />Rev.06-04-98 <br />