Section 1-9 - Fund Disbursement and Project Monitoring (a) Fund Disbursement. Funds shall be disbursed to the Contractor only as needed to discharge obligations incurred in accordance with the Board approved eligible project costs. Request for disbursement shall be made on a form supplied by Council staff and supported by adequate proof that such an obligation has been incurred for the project purpose and is due and owing.
(b) Fund reversion. - (i) If the Council staff determines that the project has not started within ninety (90) days from the date the contract is signed, the contract will automatically expire. Based on information supplied by the Contractor, Council staff may grant an extension of time in which to start the project.
- (ii) If the Council staff determines that the project has not been completed within a reasonable time, Council staff shall notify the applicant in writing at least thirty (30) days prior to presenting the matter for Board review.
(c) Project Monitoring. - (i) Audits and inspections. The Council staff may, at its expense, conduct an audit of the records of the Contractor and inspect the progress of the project.
- (ii) Record retention. Contractor agrees to retain all records related to the project for three (3) years following Council staff's date of notice to Contractor of closeout of the contract.