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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 /> c. 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 /> 3. 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 />