Item 14 - Resolution and Master Agreement for State -Funded Transit Projects

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City of Santa Ana Master Agreement No. 64AO274 Page 14 of 26 standard national transit practices and applicable rules and guidelines, including any extensions of that life cycle achievable by reconstruction, rehabilitation or enhancements. (4) (a) Except as otherwise set forth in this Section 4, STATE, or any other STATE - assignee public body acting on behalf of the CTC, shall be entitled to a refund or credit (collectively the Credit), at STATE's sole option, equivalent to the proportionate PROJECT funding participation received by RECIPIENT from STATE if RECIPIENT, or a sub -recipient, as applicable, (i) ceases to utilize PROJECT for the original intended public transportation purposes or (ii) sells or transfers title to or control over PROJECT. If federal funds (meaning only those federal funds received directly by RECIPIENT and not federal funds derived through or from the State) have contributed to the PROJECT, RECIPIENT shall notify both STATE and the original federal source of those funds of the disposition of the PROJECT assets or the intended use of those sale or transfer receipts. (b) STATE shall also be entitled to an acquisition Credit for any future purchase or condemnation of all or portions of PROJECT by STATE or a designated representative or agent of STATE. (c) The Credit due STATE will be determined by the ratio of STATE's funding when measured against the RECIPIENT's funding participation (the Ratio). For purposes of this Section 4, the State's funding participation includes federal funds derived through or from STATE. That Ratio is to be applied to the then present fair market value of PROJECT property acquired or constructed as provided in (d) and (e) below. (d) For Mass Transit vehicles, this Credit [to be deducted from the then remaining equipment value] shall be equivalent to the percentage of the full extendable vehicle economic life cycle remaining, multiplied by the Ratio of funds provided for that equipment acquisition. For real property, this same funding Ratio shall be applied to the then present fair market value, as determined by STATE, of the PROJECT property acquired or improved under this AGREEMENT. (e) Such Credit due STATE as a refund shall not be required if RECIPIENT dedicates the proceeds of such sale or transfer exclusively to a new or replacement STATE approved public transit purpose, which replacement facility or vehicles will then also be subject to the identical use restrictions for that new public purpose and the Credit ratio due STATE should that replacement project or those replacement vehicles cease to be used for that intended described pre -approved public transit purpose. (1) In determining the present fair market value of property for purposes of calculating STATE's Credit under this AGREEMENT, any real property portions of a PROJECT site contributed by RECIPIENT shall not be included. In determining STATE's proportionate funding participation, STATE's Revised December 23,2020