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Any personal property having a useful life of more than one year and purchased <br /> wholly or in part with sub-grant funds from this Agreement at a cost of three <br /> hundred dollars ($300) or more per item shall upon its purchase or receipt <br /> become the property of the City. The Subrecipient shall be responsible for all <br /> such property, including its care and maintenance, and shall comply with the <br /> following procedural requirements: <br /> A. Property records shall be maintained accurately and provide for: A description <br /> of the property; manufacturer's serial number of other identification number; <br /> acquisition date and cost; source of the property; percentage of block grant <br /> funds used in the purchase of property; location, use, and condition of the <br /> property. <br /> B. A physical inventory of property shall be taken and the results reconciled with <br /> the property records at least once every two years to verify the existence, <br /> current utilization, and continued need for the property. <br /> C. 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 /> D. Adequate maintenance procedures shall be implemented to keep the property <br /> in good condition. <br /> E. If the Subrecipient elects to capitalize and depreciate such non-expendable <br /> personal property in lieu of claiming the acquisition cost as a direct item of <br /> cost, title to such property shall remain with the Subrecipient. An election to <br /> capitalize and depreciate or claim acquisition cost as a direct item of cost shall <br /> be irrevocable. <br /> F. Non-expendable personal property purchased by the Subrecipient under the <br /> terms of this Agreement, in which title is vested in the City or Federal <br /> Government, shall not be rented, loaned, or otherwise passed to any person, <br /> partnership, corporation, association or organization without the prior express <br /> approval of the Department. <br /> G. Any non-expendable personal property furnished to, or purchased by, the <br /> Subrecipient, title to which is vested in the City or federal government, shall, <br /> unless otherwise provided herein or approved by the City, be used only for the <br /> performance of activities defined in this Agreement. <br /> H. The Subrecipient shall be responsible for any loss or damage to the property <br /> of the City of Everett or federal government (including expenses entered <br /> thereunto) which results from negligence, willful misconduct, or lack of good <br /> faith on the part of the Subrecipient to maintain and administer in accordance <br />