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Alameda CTC Agreement No.A15-0027 <br /> with the 2014 TEP guidelines,including the AlA,MEIM CTC Implementation Guidelines,as they may be <br /> adopted or amended by AI.►AIHDA CTC from time to time. <br /> 2. RI:c[PIIiNf shall set up and maintain an appropriate system of accounts to report on <br /> Measure BB funds received.RECIPII NI'must account for Measure BB funds,including any interest accrued, <br /> separately from any other funds it receives from AI.►MnDA 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.AI. MEI:►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. RII:IPniNP hereby agrees to and accepts the formulas used in the allocation of Measure BB <br /> revenues as reflected in the ballot measure and the 2014 TEP,and agrees to accept and utilize the California <br /> Department of Finance Estimates of Population figures(Report E-1,updated each May)and the maintained <br /> road mileage from the Department of Transportation as it is made available for the annual update of the <br /> allocation formulas to begin in each new fiscal year. <br /> ARTICLE III: POLICIES ON USE OF FUNDS <br /> A. TIMELY USE OF FUNDS POLICY <br /> Except for those funds properly placed into a reserve fund pursuant to Section B below,all <br /> Measure BB funds received by RECIPIENT shall be spent expeditiously,and no unexpended funds are <br /> allowed,unless a written request is submitted to the ALANI •:D.►CTC and approved by the Commission <br /> through the annual compliance audit and reporting process. <br /> B. RESERVE FUND POLICY <br /> RECIPI :NI'may reserve funds for specified periods of time,as defined in each reserve program, <br /> which AIAMEDA CTC will monitor through the annual compliance audit and reporting process described <br /> in Article IV.Rn:IPIILNT may establish the following separate types of reserve funds: <br /> 1. Capital Fund Reserve <br /> RECIPIENT may establish a specific capital fund reserve to fund specific large capital <br /> project(s) that could not otherwise be funded with a single year's worth of Measure BB DLD funds.If a <br /> capital fund reserve is established by RECII'IENr,it must be done as part of the Annual Program Compliance <br /> Reporting process as defined in Article N.B. <br /> a. RP.CIPIHNI'may collect capital funds during not more than three fiscal years,and <br /> shall expend all reserve funds prior to the end of the third fiscal year immediately following the fiscal year <br /> during which the reserve was established(e.g.,if a reserve is established at any time during fiscal year 2015- <br /> 2016(FY 15-16)) ,RI?CIPIImNt'may collect reserve funds during some or all of FY 15-16, FY 16-17 and FY <br /> 17-18,and must spend the reserve funds prior to the end of FY 18.19). <br /> 5 of 10 <br />