Resolution 2013-05 - Needs Fully Executed Agreement

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EXHIBIT A 7. Matching Funds. Grantee shall obtain the matching cash and in-kind contributions for the Project as reflected in the Budget and as required by GOCO policy, and shall provide such evidence of the same as GOCO may require in its reasonable discretion. 8. Disbursement of Funds. a. Progress Payment: Grantee may opt to receive a portion of the Grant funds after starting but prior to completing work on the Project(a"Progress Payment"). Grantee shall provide GOCO with a progress report detailing expenditures and progress made to date ("Progress Report"). The Progress Report must be submitted using GOCO's Progress Report form (available at www.goco.org or by contacting GOCO). GOCO may, in its discretion,request additional documentation to support making a Progress Payment. A Progress Payment shall not exceed GOCO's percentage of expected overall costs (as determined by the GOCO-approved budget) applied to the value of documented eligible expenses or 50%of the Grant, whichever is less. A Progress Payment shall be considered a loan until the Project is complete and Final Payment(as defined below)has been made. b. Final Payment: Once the Project is complete, Grantee shall submit a final report to GOCO detailing the accomplishments of and expenditures related to the Project(the "Final Report"). The Project is"complete"when all facilities, trails or other improvements included in the Project have been built and are ready for their intended use. The Final Report must be submitted using GOCO's Final Report form (available at www.goco.org or by contacting GOCO). GOCO may, in its discretion, request additional documentation before its approval of the contents of the Final Report. Upon GOCO's review and approval of the Final Report, GOCO shall pay the outstanding balance on the Grant(the "Final Payment"), subject to any reductions contemplated by any provision of this Agreement. 9. Conditions for Disbursement of Funds. Except as provided in Paragraph 10 below, the Grant is subject to the following requirements and conditions. a. The Grant and all matching funds shall be used only for the cost of fixed assets, including construction of new facilities, and enlargement or renovation of existing facilities. The Grant and all matching funds may not be used to pay for maintenance costs, administrative costs(such as salaries associated with administering the Grant, office supplies, telephone, or travel expenses),non-fixed assets(such as athletic or maintenance equipment), or any other costs deemed to be ineligible by the Board,at the Board's sole discretion. b. Disbursement of Grant funds shall be made on the basis of costs actually incurred by Grantee and supported by written documentation(receipts,bills, etc.). GOCO may, in its • discretion, depending on the nature of the Project, require documentation of mechanics lien waivers or waivers of claims to public project performance bonds as a precondition to any disbursement under this Agreement. c. Except as otherwise agreed to in advance by GOCO in accordance with the terms of this Agreement, no material modifications may be made to the Project. Material modifications to the Project to which GOCO has not agreed may result in a reduction in the Grant. "Material 3