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Loan Agreement <br />San Leandro and Citizens` Housing Corporation <br />Page 4 of 4 <br />b. Federally-owned nonexpendable personal property. Unless statutory authority to transfer <br />title has been granted to an agency, title to Federally-owned property remains vested by <br />law in the Federal Govemment. Upon termination of the grant or need for the property, <br />such property shall be reported to the City for further agency utilization, or if appropriate for <br />repotting to the General Services Administration for other Federal agency utilization. <br />Appropriate disposition instructions will be issued to the grantee after completion of <br />Federal agency review. <br />Developer's property management standards for nonexpendable personal property shall also <br />include the following procedural requirements. <br />a. Property records shall be maintained accurately and provide for: a description of the <br />property; manufacturer's serial number or other identification number; acquisition date and <br />cost; source of the property; percentage of Federal funds used in the purchase of property; <br />location, use, and condition of the property; and ultimate disposition data including sales <br />price or the method used to determine current fair market value if Developer reimburses <br />the City for its share. <br />b. A physical inventory of property shall be taken and the results reconciled with the <br />property records at least once very two years to verify the existence, current utilization, <br />and continued need for the property. <br />c. A control system shall be in effect to insure adequate safeguards to prevent loss, damage, <br />or theft to the property. Any loss, damage, or theft of nonexpendable property shall be <br />investigated and fully documented. <br />d. Adequate maintenance procedures shall be implemented to keep the property in good <br />condition. <br />e. Proper sales procedures shall be established for unneeded property which would provide <br />for competition to the extent practicable and result in the highest possible return. <br />6. When the total inventory value of an unused expendable personal property exceeds $500 at the <br />expiration of need for any Federal grant purposes, the Developer may retain the property or sell the <br />property as long as he compensates the Federal Government for its share in the cost. The amount <br />of compensation shall be computed in accordance with 4a(2)(b). <br />LMR:bwh <br />J;1wpolMnrsw1136\OQIIAGREE120021CitizenslExhibft D 2 042402.doc <br />4 <br />