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D. Procurement <br /> 1. Compliance: The Subrecipient shall comply with current City policy concerning <br /> the purchase of equipment and shall maintain inventory records of all non- <br /> expendable personal property as defined by such policy as may be procured <br /> with funds provided herein. All program assets (unexpended program income, <br /> property, equipment, etc.) shall revert to the City upon termination of this <br /> Agreement. <br /> 2. OMB Standards: Unless specified otherwise within this agreement, the <br /> Subrecipient shall procure all materials, property, or services in accordance <br /> with the requirements of <br /> 2 CFR 200 Uniform Administrative Requirements. <br /> 3. Travel: The Subrecipient shall obtain written approval from the City for any <br /> travel outside the Seattle/Everett area with funds provided under this <br /> Agreement. <br /> E. Use and Reversion of Assets <br /> The use and disposition of real property and equipment under this Agreement <br /> shall be in compliance with the requirements of 2 CFR 200 Uniform <br /> Administrative Requirements and 24 CFR 570.502, 570.503, and 570.504, as <br /> applicable, which include but are not limited to the following: <br /> 1. The Subrecipient shall transfer to the City any CDBG funds on hand and any <br /> accounts receivable attributable to the use of funds under this Agreement at <br /> the time of expiration, cancellation, or termination. <br /> 2. Real property under the Subrecipient's control that was acquired or improved, <br /> in whole or in part, with funds under this Agreement in excess of $25,000 <br /> shall be used to meet one of the CDBG National Objectives pursuant to 24 <br /> CFR 570.208 until five (5) years after expiration of this Agreement [or such <br /> longer period of time as the City deems appropriate]. If the Subrecipient fails <br /> to use CDBG-assisted real property in a manner that meets a CDBG National <br /> Objective for the prescribed period of time, the Subrecipient shall pay the City <br /> an amount equal to the current fair market value of the property less any <br /> portion of the value attributable to expenditures of non-CDBG funds for <br /> acquisition of, or improvement to, the property. Such payment shall constitute <br /> program income to the City. The Subrecipient may retain real property <br /> acquired or improved under this Agreement after the expiration of the five- <br /> year period [or such longer period of time as the Grantee deems appropriate]. <br /> 3. In all cases in which equipment acquired, in whole or in part, with funds under <br /> this Agreement is sold, the proceeds shall be program income (prorated to <br />