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2. RECIPIENT shall set up and maintain an appropriate system of accounts <br /> to keep separate accounting and reporting for each type of Measure B and VRF fund to be <br /> received. RECIPIENT must account separately for Measure B and VRF funds, and accrue any <br /> interest from each fund source into each separate fund account. The accounting system shall <br /> provide adequate internal controls and audit trails to facilitate an annual compliance audit for <br /> each fund type and the respective usage and application of said funds. Alameda CTC and its <br /> representatives, agents and nominees shall have the absolute right at any reasonable time to <br /> inspect and copy any accounting records related to such funds, except to the extent specifically <br /> prohibited by applicable law. <br /> 3. RECIPIENT hereby agrees to and accepts the formulas used in the <br /> allocation of Measure B and VRF revenues as reflected in the ballot measures, the Measure B <br /> Expenditure Plan, and the VRF Expenditure Plan, and agrees to accept and utilize the California <br /> Department of Finance Estimates of Population figures (Report E -I, updated each May) for <br /> California cities and counties and registered vehicle data provided by the California Department <br /> of Motor Vehicles for the annual update of the allocation formulas to begin in each new fiscal <br /> year. <br /> ARTICLE 3: POLICIES ON USE OF FUNDS <br /> A. Timely Use of Funds Policy <br /> I . Except for those funds properly placed into a reserve fund pursuant to <br /> Section B below, all Measure B and VRF funds received by RECIPIENT shall be spent <br /> expeditiously. and no unexpended funds beyond those included in reserves pursuant to Section B <br />