1976-11-22 Regular Meeting - Laserfiche WebLink

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~ . . • . S. Payment of the State of Texas' share of the allowable project costs • will be made pursuant to and in accordance with the established procedures approved by the State Comptroller and. the Commission. Final determination as to the allowability of the costs of the project will be made at the time of the final grant payment. 6. The Commission reserves the right to amend or withdraw this Offer at any time prior to its acceptance by the Sponsor. The acceptance period cannot be greater than 60 day9after issuance unless ' extended in writing by the Commission. 7. The Commission will not become a part of any contract or commitment which the Sponsor may enter into or assume in carrying out this Project. Progress payment from the grant will be paid to the Sponsor periodically as development is satisfactorily completed. The Sponsor in turn shall settle all project encumbrances and financial obligations. 8. Approximately ten (10) per cent of the total grant will be withheld by the Commission, to be paid only after a.ll work has been completed, inspected and approved by the Commission, or its designated repre- sentative. 9. Any and al.l fees collected for use of the airport or navigational • facilities constructed in part with funds granted herein shall be reasonable and non-discriminatory. 1~he amount realized from fees so collected will be used solely for the operation, maintenance and upkeep of the airport, and for further development of the airport as funds permit. (See also V. 1'. C. S. Art. 46d-11) 11. The Sponsor will, if requested by the Commission, on September 1 of each and every year submit to the Commission an itemized statement of revenue received from the airport and expenditures made thereon for the preceding year. 11. All future development of the airport will be consistent with a current master airport layout plan, approved by the Commission and maintained by the Sponsor. A reproduceable copy of said plan, and all subsequent modifications thereto, shall be filed with and approved by the Commission. 12. ~'~~here the authorized airport development project includes the installation of lighting, the Sponsor hereby agrees unconditionally Page 3 of TAC FORM 400-6 (7-76)