1998-05-18 Special Called Regular Meeting of City Council

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e e Within thirty (30) days after all action required in the option selected has been completed, the Grantee shall award the contract to the lowest and best bidder, in accordance with the usual and customary procedures of the Grantee, subject to certification of the availability of funds for the Project by the County Auditor. The Grantee reserves the right to decline to award the contract to all bidders. In such event, the Grantee, in its discretion, may either re-advertise for bids pursuant to the same understanding with regard to rejection of bids or terminate this agreement as hereinafter provided. The Grantee's determination of the lowest and best bid for the Project shall be final and conclusive. The Grantee shall establish a separate account or system of accounting for the money paid to it under the above paragraph. Further, the Grantee shall cause the funds paid by Subrecipient to the Grantee, which are not needed to meet obligations due or contemplated to be due within sixty (60) days, to be invested in the same manner as similar funds are invested by the Grantee in federal obligations or interest-bearing time deposits. The determination by Grantee of the portion of said funds needed to meet such obligations shall be conclusive. Any earnings from such investment shall be retained in the account or system until the completion of the construction of the Project, at which time the Grantee shall perform.or cause to be performed, a final accounting. If the sum paid by the Subrecipient to the Grantee hereunder, including interest earnings thereon, exceeds the amount of the Subrecipeint's share of the cost of the project, the Grantee shall promptly pay over the amount of such excess to the Subrecipient. The Grantee may terminate this Agreement without cause, at any time prior to the letting of the contract for construction of the Project, by written notice to the Subrecipient, and the Grantee shall have no obligation hereunder other than to return to Subrecipient the funds paid to the Grantee, if any, by Subrecipient pursuant to this Agreement. In the event Grantee elects to terminate this Agreement pursuant to this Paragraph, any interest earned on said money paid to the Grantee by Subrecipient pursuant to this agreement shall become the sole property of the Subrecipient. The Grantee and the Subrecipient may make such changes and amendments to the plans and specifications within the general scope of the approved Project as the County Engineer deems necessary or desirable during construction of the Project, so long as the original scope and intent of the Project is unchanged. During the construction of the Project, Subrecipient shall have the right to review all documents, maps, plats, records, photographs, reports or plans affecting said construction. The Subrecipient shall, at its sole expense, furnish the necessary inspection personnel to assure itself of compliance with the contract. In absence of inspection by the Subrecipient, the~ the Subrecipient shall be deemed to have accepted those inspections made by the Grantee. The sums paid by Subtecipient to Grantee pursuant to this Agreement will not be used by the Grantee for any purpose other than paying for the construction costs of the Project. 3