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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 /> I . 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 /> a. 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 />