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6. PROPERTY MANAGEMENT <br /> A. The AGENCY agrees that any nonexpendable personal property, <br /> purchased wholly or in part with agreement funds at a cost of <br /> Three Hundred and no /100 ($300.00) Dollars or more per item, <br /> is, upon its purchase or receipt, the property of the <br /> AUTHORITY and /or federal government. Final ownership and <br /> disposition of such property shall be determined under the <br /> provisions of Appendix N to the U.S. Office of Management and <br /> Budget Circular No. A -102. <br /> B. The AGENCY shall be responsible for all such property, <br /> including its care and maintenance. <br /> C. The AGENCY shall admit the AUTHORITY's property management <br /> officer to the AGENCY'S premises for the purpose of marking <br /> such property, as appropriate, with AUTHORITY property tags. <br /> D. The AGENCY shall meet the following procedural requirements <br /> for all such property: <br /> 1) Property records shall be maintained accurately and <br /> provide for: a description of the property; <br /> manufacturer's serial. number or other identification <br /> number; acquisition date and cost; source of the <br /> property; percentage of block grant funds used in the <br /> purchase of property; and location, use and condition of <br /> the property. <br /> 2) A physical inventory of property shall be taken and the <br /> results reconciled with the property records at least <br /> once every two (2) years to verify the existence, <br /> current utilization, and continued need for the <br /> property. <br /> 3) A control system shall be in effect to insure adequate <br /> safeguards to prevent loss, damage, or theft to the <br /> property. Any loss, damage, or theft of the property <br /> shall be investigated and fully documented. <br /> 4) Adequate maintenance procedures shall be implemented to <br /> keep the property in good condition. <br /> 7. ACQUISITION AND RELOCATION <br /> A. Any acquisition of real property for any activity assisted <br /> under this Agreement which occurs on or after the date of the <br /> AUTHORITY's submission of its Block Grant application to <br /> H.U.D. shall comply with Title III of the Federal Uniform <br /> Relocation Assistance and Real Property Acquisition Policies <br /> Act of 1970 (hereinafter referred to as the Uniform Act) (40 <br /> U.S.C. Section 4601) and the Regulations at 24 C.F.R. Part <br /> 42). <br /> B. Any displacement of persons, business, non- profit <br /> -12- <br />