Laserfiche WebLink
4 <br /> County, any state, federal,or other funding agency, the State Auditor, and to any other <br /> person authorized by law. <br /> XXIX. TREATMENT OF ASSETS <br /> A. To secure the financial interest of the County in items purchased or developed with <br /> funds awarded through cost reimbursement under this Agreement or any Contract, <br /> the parties agree that: <br /> 1. Title shall remain in the County; and <br /> 2. Title to such nonexpendable personal property, which is purchased, developed, or <br /> acquired by the Agency and which is claimed as an acquisition cost, shall pass to <br /> and vest in the County upon delivery of such property by the Agency and shall not <br /> be rented, loaned, or transferred without the prior express written approval of the <br /> County. <br /> B. Unless provided otherwise by agreement of the parties, if the Agency elects to <br /> capitalize and depreciate such nonexpendable personal property in lieu of claiming <br /> the acquisition cost, title to such property shall remain with the Agency. An election <br /> to capitalize and depreciate or claim acquisition cost as a direct cost shall be <br /> irrevocable and must be made at the time the asset is purchased, developed, or <br /> acquired. <br /> C. Such nonexpendable personal property shall only be used by the Agency or its <br /> Subagencies in the performance of this Agreement or any Contract, unless otherwise <br /> provided herein or approved by the County. <br /> D. As a condition precedent to reimbursement for the purchase or acquisition of <br /> nonexpendable personal property, the Agency agrees to execute security instruments <br /> and other documents that are necessary for the County,state,federal,or other funding <br /> agency to protect its interest in such property in accordance with Article 9A of the <br /> Uniform Commercial Code, as codified in Title 62A RCW, including, but not limited to, <br /> completion of UCC-1, UCC-2, and UCC-3 forms. The Agency also agrees to name <br /> the County (or funding agency) as lien holder(s) on certificates of title for all motor <br /> vehicles in accordance with Title 46 RCW, unless otherwise approved by the County. <br /> E. The Agency shall submit completed certificates of title and applicable UCC forms for <br /> equipment and fixtures to the County with the claim for reimbursement on which they <br /> are claimed. The security interest shall be retained beyond the term of any Contract <br /> for the serviceable life of the property, beginning on the date of purchase, to ensure <br /> its continued use for the purpose intended. <br /> F. The Agency shall maintain records, perform inventories, and maintain control systems <br /> to prevent loss, damage, or theft of County property. The Agency shall be responsible <br /> for: <br /> 1. Performing an annual physical inventory of all nonexpendable personal property <br /> of the County in its possession or control and requiring such inventories of any <br /> Subagency that is in possession of such property provided under a Subcontract to <br /> any Contract, at the end of the Agency's fiscal year during any Contract; <br /> Basic Terms and Conditions Agreement <br /> City of Everett <br /> HSD-2018-101-198 <br /> Page 15 of 31 <br /> 40 <br />