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Alameda CTC Agreement No.A15-0027 <br /> b. Itm:IPIENT shall report implementation schedules and funding plans for each <br /> proposed project to be funded from the reserve in REciPut NPs annual program compliance report. <br /> c. RECIPIENT may seek a single one-year extension for a given reserve fund if <br /> RECIPIENT demonstrates that unforeseen and extraordinary circumstances have occurred that would justify <br /> the extension.RECIPIENT shall submit a request for such an extension in writing to ALAMED\CTC's <br /> executive director.The AI., EI).\CTC Commission,in its sole discretion,will make a determination as to <br /> whether to approve or deny the extension request and will notify Rvt:IPIENT of its action in writing. <br /> 2. Operations Fund Reserve <br /> R.X IPII:NT may establish and maintain a specific reserve to address operational issues, <br /> including fluctuations in revenues,and to help maintain transportation operations.This fund may not <br /> contain more than 50 percent of annual DID revenues,unless an exception is requested in writing and <br /> approved by the AIAAMItiDA CTC Commission.This fund may be a revolving fund and is not subject to <br /> an expenditure timeframe. If an operations fund reserve is established by RECIPIENT,NE,it must be done as <br /> part of the Annual Program Compliance Reporting process as defined in Article N.B. <br /> 3. Undesignated Fund Reserve <br /> RECIPIENT may establish and maintain a specific reserve for transportation needs over a <br /> fiscal year,such as matching funds for grants,project development work,studies for transportation purposes, <br /> or contingency funds for a project or program.This fund may not contain more than 10 percent of annual <br /> DID revenues,unless an exception is requested in writing and approved by the MAMMA MED,%CTC <br /> Commission. If an undesignated fund reserve is established by RECIPIENT,it must be done as part of the <br /> Annual Program Compliance Reporting process as defined in Article IV.A.3. <br /> a. RECIPIENT shall report the range of potential uses for the reserve funds in its <br /> annual compliance report. <br /> C. RESCISSION OF FUNDS POLICY <br /> If RECIPIENT does not meet the timeliness requirements set forth in Section A and B,AI.AMEDA <br /> CTC may determine the RECIPIENT does not need the unspent funds.In such case,unless the RECIPIENT <br /> requests and AI.AMEDA CTC approves an extension to the applicable deadline for the Capital Fund Reserve <br /> as described in Article III.B.1,RECIPIENT must return unspent funds and all interest earned thereon to <br /> AIA IED1\CTC.AU such funds returned to AI.AMt+D.\CTC shall be placed into an account for reallocation <br /> to the same programmatic type for transportation improvements in the county. <br /> D. OTHER EXPENDITURE RESTRICTIONS <br /> 1. Transportation Purposes Only <br /> RECIPIENT NT shall use all Measure BB funds solely for transportation purposes as defined by <br /> the authorizing ballot measure.Any jurisdiction that violates this provision must fully reimburse all misspent <br /> funds,including all interest that would have been earned thereon. <br /> 6 of 10 <br />