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Agreement No. D08-042 G. This Agreement sets forth the terms and conditions by which the County will extend a portion of its Proposition 1B allocation to the City, and the City will follow all State Proposition 1B laws, State regulations, and any and all guidelines or other documents issued by the Department of Finance, the Controller, or any other State agency that is intended to interpret Proposition 1B ("Proposition 1B Requirements"). SECTION I IT IS MUTUALLY UNDERSTOOD BY THE PARTIES THAT: A. County shall submit a Proposition 1B project list to the Department of Finance for review and disbursement of the County's first Proposition 1B allocation. The City project(s) approved by the Board of Supervisors for Proposition 1B funding is attached hereto as Exhibit A. This Agreement allows the disbursement of a portion of the County's Proposition 1 B funds to the City without the requirement of City submitting an invoice requesting Proposition 1B funds. B. Upon receipt of this allocation from the State, County will timely issue a portion of its allocation to City, in the amount shown on Exhibit A, or as limited by the State should the State pre-determine that any City project or portion of the project is ineligible. C. City shall abide by all Proposition 1B Requirements, as these requirements may change from time to time. This includes, but is not limited to, meeting the project delivery and expenditure deadlines, and using the County's Proposition 1 B allocation to reduce City's traffic congestion and further deterioration, improving traffic flows, or increasing traffic safety. D. County will conduct a City expenditure assessment at the end of the twelve (I2) and twenty-four (24) month periods in order to verify if City is expending its Proposition 1B allocation as provided for by Proposition 1B Requirements. City shall report the status of its Proposition 1B project(s) to County on or before June 10, 2009 and June 10, 2010 for FY 2007-08 allocation. The status report shall include the date of project award, amount of award, percent completion of project, estimated completion date, the amount of funds that have been expended, and the remaining County Proposition ] B allocation to be expended. In the event County wishes to conduct a City expenditure assessment at any time prior to the end of a fiscal year, City shall provide a status report to County within two (2) weeks of a written request in accordance with Section 1.D. E. County will prepare any necessary amendments to the Proposition 1B project list in June 2009 and June 2010 based on the status reports of all Proposition 1B participating cities. If one or more city status reports show an inability to expend the entire Proposition 1B allocation within the required statutory timeframe, or if the County or State deems any expenditure to be ineligible, County in its sole discretion will determine whether to reallocate the unexpended city funds to the City by preparing a revised Proposition 1B project list for the DOF and an amendment to this Agreement. In no event will County submit a revised project list to the DOF more than once per fiscal year. F. City shall expend its Proposition 1B allocation no later than June 30, 2011 per Proposition 1B Requirements. Fiscal year 07-08 Proposition 1B funds may only be expended after Page 2 of 6 25H-4