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below are allowed, unless a written request is submitted to the Alameda CTC and approved by <br />the Board. <br />2. Any funds which are not spent in a timely manner in compliance with the <br />above Timely Use of Funds Policy, unless such funds are properly placed in a reserve permitted <br />by this AGREEMENT, shall be subject to rescission as set forth in Section C below. Further, <br />any funds placed into a reserve fund which are not spent in a timely manner in compliance with <br />the policies applicable to such reserve fund, shall be subject to rescission as set forth in Section <br />C below. <br />B. Reserve Fund Policy: RECIPIENT may reserve funds for specified periods of <br />time, as defined in each reserve program, which Alameda CTC will monitor through the annual <br />compliance audit and reporting process described in Article 4. RECIPIENT may establish the <br />following separate types of reserve funds: <br />Capital Fund Reserve: RECIPIENT may establish a specific capital fund <br />reserve to fund specific large capital project(s) that could otherwise not be funded with a single <br />year's worth of Measure B or VRF pass- through funds. If a capital fund reserve is established by <br />RECIPIENT, it must be done as part of the Annual Program Compliance Reporting process as <br />defined in Article 4.A.3. <br />RECIPIENT may collect capital funds during not more than three <br />fiscal years, and shall expend all reserve funds prior to the end of the third fiscal year <br />immediately following the fiscal year during which the reserve was established (e.g., if a reserve <br />is established at any time during fiscal year 2012 -2013 (FY 12 -13), RECIPIENT may collect <br />