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B. The AGENCY shall be responsible for all such property, including its care and <br />maintenance. <br />C. The AGENCY shall admit the AUTHORITY's property management officer to the <br />AGENCY's premises for the purpose of marking such property, as appropriate, with <br />AUTHORITY property tags. <br />D. The AGENCY shall meet the following procedural requirements for all such <br />property: <br />1) Property records shall be maintained accurately and provide for: a description <br />of the property; manufacturer's serial number or other identification number; <br />acquisition date and cost; source of the property; percentage of block grant <br />funds used in the purchase of property; and location, use and condition of the <br />property. <br />2) A physical inventory of property shall be taken and the results reconciled with <br />the property records at least once every two (2) years to verify the existence, <br />current utilization, and continued need for the property. <br />3) A control system shall be in effect to insure adequate safeguards to prevent <br />loss, damage, or theft to the property. Any loss, damage, or theft of the <br />property shall be investigated and fully documented. <br />4) Adequate maintenance procedures shall be implemented to keep the property in <br />good condition. <br />7. ACQUISITION AND RELOCATION <br />A. Any acquisition of real property for any activity assisted under this Agreement which <br />occurs on or after the date of the AUTHORITY's submission of its Block Grant <br />application to H.U.D. shall comply with Title III of the Federal Uniform Relocation <br />Assistance and Real Property Acquisition Policies Act of 1970 (hereinafter referred to <br />as the Uniform Act) (42 U.S.C. §§ 4601 -4655) and the Regulations at 49 C.F.R. Part <br />24). <br />B. Any displacement of persons, business, non - profit organizations or farms occurring <br />on or after the date of the AUTHORITY's submission of its Block Grant application <br />as the result of acquisition of real property assisted under this Agreement shall <br />comply with Title II of the Uniform Act and the Regulations at 49 C.F.R. Part 24. <br />The AGENCY shall comply with the regulations pertaining to costs of relocation and <br />written policies, as specified by 24 C.F.R. Section 570.606. <br />8. HISTORIC PRESERVATION <br />The AGENCY shall meet the historic preservation requirements of Public Law 89 -665 and <br />Page 18 <br />