03-26-1997 Council Agenda - Laserfiche WebLink

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-7- of the Grant Period, the Grantee agrees to transfer title to all personal property acquired in whole or in part with grant funds to the Council, at the Council's option, at no charge. The Council reserves the right to direct appropriate disposition of all personal property, acquired in whole or in part with grant funds, which has not been expended in performance of the Grant Study. During the Grant Period, the Grantee bears the risk of loss of, damage to, or destruction of any personal property acquired with grant or matching funds. No such loss, damage, or destruction shall relieve the Grantee of its obligations under this agreement. The Grantee agrees to maintain personal property acquired with grant or matching funds in good operating order. If, during the Project Activity Period, any Grant Study personal property is not used in performing the Grant Study, whether by planned withdrawal, misuse, or casualty loss, the Grantee shall immediately notify the Council's authorized agent. Unless otherwise approved by the Council's authorized agent, the Grantee shall remit to the Council a proportional amount of the fair market value of the item(s), if any, determined on the basis of the proportion of Council grant funds used to acquire the item(s). 7.11 Effect of Grant Study Closeout. The Grantee agrees that Grant Study closeout does not invalidate continuing obligations imposed on the Grantee by this agreement. Grant Study closeout does not alter the Council's authority to disallow costs and recover funds on the basis of a later audit or other review, and does not alter the Grantee's obligation to return any funds due to the Council as a result of later refunds, corrections, or other transactions. Page 38