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<br /> 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~rdentrfy 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 actual' <br /> ex enses to date. All billings received from Agency must be approved by State's Liaison Person <br /> P <br /> prior to payment. Agency's: actual costs eligible for federal-aid or State participation shallbe those <br /> allowable under the provisions of FAPG, 23CFR 1.11, 710, and.140. Final billings shall be submitted <br /> to State for processing within three months from the end of each funding phase as follows: 1) award <br /> date of a construction contract for preliminary engineering 2) last payment for right-of-way <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 /> after the three months may not be eligible for reimbursement. <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 FHWA. 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 /> CFR 18.42). <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 /> <br />