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reserve funds during some or all of FY 12 -13, FY 13 -14 and FY 14 -15, and must spend the <br />reserve funds prior to the end of FY 15 -16. <br />b. RECIPIENT shall report implementation schedules and funding <br />plans for each proposed project to be funded from the reserve in RECIPIENT's annual program <br />compliance report. <br />RECIPIENT may seek a single one -year extension for a given <br />reserve fund if RECIPIENT demonstrates that unforeseen and extraordinary circumstances have <br />occurred that would justify the extension. RECIPIENT shall submit a request for such an <br />extension in writing to Alameda CTC's executive director. The Alameda CTC Board, in its sole <br />discretion, will make a determination as to whether to approve or deny the extension request and <br />will notify RECIPIENT of its action in writing. <br />2. Operations Fund Reserve: RECIPIENT may establish and maintain a <br />specific reserve to address operational issues, including fluctuations in revenues, and to help <br />maintain transportation operations. The total amount retained in such fund may not exceed <br />50 percent of anticipated annual combined revenues from Measure B and VRF funds. This fund <br />may be a revolving fund and is not subject to an expenditure timeframe. If an operations fund <br />reserve is established by RECIPIENT, it must be done as part of the Annual Program <br />Compliance Reporting process as defined in Article 4.A.3. <br />Undesignated Fund Reserve: RECIPIENT may establish and maintain a <br />specific reserve for transportation needs over a fiscal year, such as matching funds for grants, <br />project development work, studies for transportation purposes, or contingency funds for a project <br />or program. This fund may not contain more than 10 percent of annual pass- through revenues, <br />