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(iii) If disposition instructions are not issued within 120 days <br /> after reporting Contractor shall sell the property and reimburse <br /> the City an amount which is computed by applying the <br /> percentage of Federal participation in the grant program to the <br /> sales proceeds. Further, the grantee shall be permitted to retain <br /> $1000 or 10 percent of the proceeds, whichever is greater, for the <br /> grantee's selling and handling expenses. <br /> (4) Where the City determines that property with an acquisition costs of <br /> $1,000 or more and financed solely with Federal funds is unique, <br /> difficult, or costly to replace, it may reserve title to such property, <br /> subject to the following provisions: <br /> (a) The property shall be appropriately identified in the grant <br /> agreement or otherwise made know to Contractor. <br /> (b) City shall issue disposition instructions within 120 days after the <br /> completion of the need for the property under the Federal grant <br /> for which it was acquired. If City fails to issue disposition <br /> instructions within 120 days, Contractor shall apply the <br /> standards of 4(a)(1), 4(a)(2)(b) and 4(a)(3)(b). <br /> b. Federally-owned nonexpendable personal property. Unless statutory <br /> authority to transfer title has been granted to an agency, title to Federally- <br /> owned property remains vested by law in the Federal Government. Upon <br /> termination of the grant or need for the property, such property shall be <br /> reported to the City for further agency utilization, or if appropriate for <br /> reporting to the General Services Administration for other Federal agency <br /> utilization. Appropriate disposition instructions will be issued to the grantee <br /> after completion of Federal agency review. <br /> 5. Contractor's property management standards for nonexpendable personal <br /> property shall also include the following procedural requirements. <br /> a. Property records shall be maintained accurately and provide for: a <br /> description of the property; manufacturer's serial number or other <br /> identification number; acquisition date and cost; source of the property; <br /> percentage of Federal funds used in the purchase of property; location, <br /> use, and condition of the property; and ultimate disposition data <br /> including sales price or the method used to determine current fair <br /> market value if Contractor reimburses the City for its share. <br /> 4 <br />