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<br />Alameda CTC Agreement No. A15-xxxx <br />  <br />5 of 9  <br />  <br />the maintained road mileage from the Department of Transportation as it is made available for the annual <br />update of the allocation formulas to begin in each new fiscal year. <br /> <br /> <br />ARTICLE III: POLICIES ON USE OF FUNDS <br /> <br />A. Timely Use of Funds Policy <br /> <br />1. Except for those funds properly placed into a reserve fund pursuant to Section <br />B below, all Measure BB funds received by RECIPIENT shall be spent expeditiously, and no unexpended <br />funds are allowed, unless a written request is submitted to the ALAMEDA CTC and approved by the <br />Commission through the annual compliance audit and reporting process. <br /> <br />B. Reserve Fund Policy: RECIPIENT may reserve funds for specified periods of time, as <br />defined in each reserve program, which ALAMEDA CTC will monitor through the annual compliance audit <br />and reporting process described in Article 4. RECIPIENT may establish the following separate types of <br />reserve funds: <br /> <br />1. Capital Fund Reserve: RECIPIENT may establish a specific capital fund reserve to <br />fund specific large capital project(s) that could not otherwise be funded with a single year’s worth of Measure <br />BB DLD funds. If a capital fund reserve is established by RECIPIENT, it must be done as part of the Annual <br />Program Compliance Reporting process as defined in Article IV.B. <br />a. RECIPIENT may collect capital funds during not more than three fiscal <br />years, and shall expend all reserve funds prior to the end of the third fiscal year immediately following the <br />fiscal year during which the reserve was established (e.g., if a reserve is established at any time during fiscal <br />year 2015-2016 (FY 15-16), RECIPIENT may collect reserve funds during some or all of FY 15-16, FY 16-17 <br />and FY 17-18, and must spend the reserve funds prior to the end of FY 18-19). <br />b. RECIPIENT shall report implementation schedules and funding plans for <br />each proposed project to be funded from the reserve in RECIPIENT’s annual program compliance report. <br />c. RECIPIENT may seek a single one-year extension for a given reserve fund <br />if RECIPIENT demonstrates that unforeseen and extraordinary circumstances have occurred that would <br />justify the extension. RECIPIENT shall submit a request for such an extension in writing to ALAMEDA CTC’s <br />executive director. The ALAMEDA CTC Commission, in its sole discretion, will make a determination as to <br />whether to approve or deny the extension request and will notify RECIPIENT of its action in writing. <br />2. Operations Fund Reserve: RECIPIENT may establish and maintain a specific <br />reserve to address operational issues, including fluctuations in revenues, and to help maintain <br />transportation operations. . This fund may not contain more than 50 percent of annual DLD revenues, <br />unless an exception is requested in writing and approved by the ALAMEDA CTC Commission. This fund <br />may be a revolving fund and is not subject to an expenditure timeframe. If an operations fund reserve is <br />established by RECIPIENT, it must be done as part of the Annual Program Compliance Reporting process <br />as defined in Article IV.B. <br />3. Undesignated Fund Reserve: RECIPIENT may establish and maintain a specific <br />reserve for transportation needs over a fiscal year, such as matching funds for grants, project development <br />work, studies for transportation purposes, or contingency funds for a project or program. This fund may not <br />contain more than 10 percent of annual DLD revenues, unless an exception is requested in writing and