Laserfiche WebLink
<br />Alameda CTC Agreement No. A15-xxxx <br />  <br />4 of 9  <br />  <br />AGREEMENT by reference. <br /> <br />ARTICLE II: PAYMENTS AND EXPENDITURES <br /> <br />A. ALAMEDA CTC’s Duties and Obligations <br />1. Within five working days of actual receipt of the monthly Measure BB sales tax <br />revenues from the BOE, ALAMEDA CTC shall remit to the RECIPIENT its designated amount of DLD funds <br />disbursed on a monthly basis by a set formula for distribution. <br />2. ALAMEDA CTC shall annually update the Measure BB sales tax revenue projections <br />and the resulting funds allocation formulas to reflect the most current population using the California <br />Department of Finance’s annual population estimates (Report E-1 published in May) and maintained road <br />mileage from the Department of Transportation as it is made available. ALAMEDA CTC shall use the updated <br />Measure BB program allocation formulas in the allocations beginning July 1 of each new fiscal year, which is <br />from July 1 to June 30 in the State of California. ALAMEDA CTC shall provide an annual projection of <br />Measure BB DLD estimated to be distributed to each RECIPIENT for each investment category RECIPIENT <br />is eligible to receive before the beginning of each new fiscal year. <br />3. ALAMEDA CTC shall report monthly the amount of Measure BB revenues <br />distributed to RECIPIENT by each investment category for the fiscal year and for the total program to <br />date. <br />4. ALAMEDA CTC shall provide for an independent annual audit of its financial <br />statements including revenues and expenditures and also the calculation of the allocation formula for <br />distributing Measure BB DLD funds to various recipients and render an annual report to the ALAMEDA <br />CTC Commission within 180 days following the close of the fiscal year. ALAMEDA CTC shall render an <br />annual report on Measure BB funds to the Citizens Watchdog Committee (Independent Watchdog <br />Committee) as soon thereafter as practical. <br />5. ALAMEDA CTC shall provide timely notice to RECIPIENT prior to conducting an <br />audit of any expenditure made by RECIPIENT to determine whether such expenditures are in compliance <br />with this AGREEMENT and the 2014 TEP. <br />B. RECIPIENT’s Duties and Obligations <br /> <br />1. RECIPIENT shall expend all Measure BB funds distributed to the RECIPIENT in <br />compliance with the 2014 TEP guidelines, including the ALAMEDA CTC Implementation Guidelines, as they <br />may be adopted or amended by ALAMEDA CTC from time to time. <br />2. RECIPIENT shall set up and maintain an appropriate system of accounts to report on <br />Measure BB funds received. RECIPIENT must account for Measure BB funds, including any interest accrued, <br />separately from any other funds it receives from ALAMEDA CTC. The accounting system shall provide <br />adequate internal controls and audit trails to facilitate an annual compliance audit for the Measure BB funds <br />and the respective usage and application of said funds. ALAMEDA CTC and its representatives, agents and <br />nominees shall have the absolute right at any reasonable time to inspect and copy any accounting records <br />related to such funds, except to the extent specifically prohibited by applicable law. <br />3. RECIPIENT hereby agrees to and accepts the formulas used in the allocation of <br />Measure BB revenues as reflected in the ballot measure and the 2014 TEP, and agrees to accept and utilize <br />the California Department of Finance Estimates of Population figures (Report E-1, updated each May) and