Laserfiche WebLink
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 shall <br /> be in compliance with the requirements of 2 CFR 200 Uniform Administrative <br /> Requirements and 24 CFR 570.502, 570.503, and 570.504, as applicable, which <br /> 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 shall <br /> be used to meet one of the CDBG National Objectives pursuant to 24 CFR <br /> 570.208 until five (5) years after expiration of this Agreement [or such longer <br /> period of time as the City deems appropriate]. If the Subrecipient fails to use <br /> 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 portion <br /> of the value attributable to expenditures of non-CDBG funds for acquisition of, <br /> or improvement to, the property. Such payment shall constitute program <br /> income to the City. The Subrecipient may retain real property acquired or <br /> improved under this Agreement after the expiration of the five-year period [or <br /> 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 />