Cash Depositories. (a) Disbursements shall be deposited and maintained in a United States Government-insured interesting-bearing account whenever possible.
(b) Consistent with the United States Government national goal of expanding opportunities for women-owned and minority-owned business enterprises, Treasury encourages the Participating State to use women-owned or minority-owned depository financial institutions (a depository financial institution which is owned at least 50 percent by women or minority group members).
(c) The Participating State is not required to maintain a separate depository account for receiving Disbursements of Allocated Funds. If the Participating State maintains a single depository account where Allocated Funds are commingled with funds from other sources, the Participating State shall maintain on its books a separate subaccount for the Allocated Funds.
Cash Depositories. (a) Except for situations described in paragraphs (b) and (c) of this section, the Bureau will not:
(1) Require physical segregation of cash depositories for Bureau grant funds provided to a grantee.
(2) Establish any eligibility require- ments for cash depositories in which Bureau grant funds are deposited by grantees or their subgrantees.
(b) A separate bank account shall be used when payments under letter of credit are made on a ‘‘check-paid’’ basis in accordance with agreements entered into by a grantee, the Bureau, and the banking institutions involved. A check-paid basis letter of credit is one under which funds are not drawn from the Treasury until the grantee’s checks have been presented to its bank for payment.
(c) Consistent with the national goal of expanding the opportunities for mi- nority business enterprises, grantees are encouraged to use minority banks.
Cash Depositories. (1) Consistent with the national goal of expanding the opportunities for minority business enterprises, grantees and subgrantees are encouraged to use minority banks (a bank which is owned at least 50 percent by minority group members). A list of minority owned banks can be obtained from the Minority Business Development Agency, Department of Commerce, Washington, DC 20230.
(2) A grantee or subgrantee shall maintain a separate bank account only when required by Federal-State Agreement.
Cash Depositories. (a) Disbursements shall be deposited and maintained in a United States Government-insured interesting-bearing account whenever possible.
(b) Consistent with the United States Government national goal of expanding opportunities for women-owned and minority-owned business enterprises, Treasury encourages the Participating Municipalities to use women-owned or minority-owned depository financial institutions (a depository financial institution which is owned at least 50 percent by women or minority group members).
(c) The Participating Municipalities are not required to maintain a separate depository account for receiving Disbursements of Allocated Funds. If the Participating Municipalities maintain a single depository account where Allocated Funds are commingled with funds from other sources, the Participating Municipalities shall maintain on its books a separate subaccount for the Allocated Funds.
Cash Depositories. The Participating Jurisdiction shall deposit and maintain Disbursements in a U.S. Government-insured interest-bearing account whenever possible. The Participating Jurisdiction is not required to maintain a separate account for receiving and maintaining Disbursements. If the Participating Jurisdiction maintains a depository account in which Allocated Funds are commingled with other funds, the Participating Jurisdiction shall maintain on its books a separate subaccount for the Allocated Funds.
Cash Depositories. Consistent with the national goal of expanding opportunities for minority business enterprises, each recipient/subrecipient/subgrantee is encouraged to use minority-owned banks (a bank which is owned at least 50 percent by minority group members). Recipients/subrecipients/subgrantees are not required to maintain a separate bank account, but shall separately account for federal funds on deposit.
Cash Depositories. Except for situations described in paragraphs (b) and (c) of this section, the Bureau will not:
Cash Depositories. Disbursements shall be deposited and maintained in a United States Government-insured interesting-bearing account whenever possible. Consistent with the United States Government national goal of expanding opportunities for women-owned and minority-owned business enterprises, Treasury encourages the Participating Municipalities to use women-owned or minority-owned depository financial institutions (a depository financial institution which is owned at least 50 percent by women or minority group members). The Participating Municipalities are not required to maintain a separate depository account for receiving Disbursements of Allocated Funds. If the Participating Municipalities maintain a single depository account where Allocated Funds are commingled with funds from other sources, the Participating Municipalities shall maintain on its books a separate subaccount for the Allocated Funds. United States Department of the Treasury Main Treasury Building, Room 1310 0000 Xxxxxxxxxxxx Xxxxxx Washington, D.C. 20220 Reference is made to the Allocation Agreement dated as of August 24, 2011 (the “Allocation Agreement”), between the United States Department of the Treasury (“Treasury”) and the Participating Municipalities. Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to them in the Allocation Agreement. This certification is delivered to Treasury pursuant to paragraph 2 (“Subsequent Disbursement Requests of Allocated Funds”) of Annex 2 (“Disbursement Policies and Procedures”) attached to the Allocation Agreement. The undersigned, on behalf of each Participating Municipality, hereby makes the following certifications as of the date of this certification:
1. the Participating Municipality has performed and complied with all applicable terms, covenants, agreements and conditions required by the Allocation Agreement to be performed or complied with by it as of this date;
2. the representations and warranties set forth in the Allocation Agreement and in the Assurances (Non-Construction) contained as part of the Application are true and correct in all material respects;
3. the Participating Municipality has expended, transferred, or obligated 80 percent or more of the last disbursed one-third of Allocated Funds for federal contributions to, or for the account of, the Participating Municipality’s Approved Municipal Programs; and
Cash Depositories. (1) Consistent with the national goal of expanding the opportunities for minority business en- terprises, each recipient and sub- recipient is encouraged to use minor- ity-owned banks (a bank which is at least 50 percent owned by minority group members). Additional informa- tion may be obtained from the Minor- ity Business Development Agency, De- partment of Commerce, Washington, DC 20230.
(2) A recipient or subrecipient shall not be required to maintain a separate bank account but shall separately ac- count for Federal funds on deposit.
Cash Depositories. Subgrantees are required to deposit grant funds in a federally insured banking institution, and t balance exceeding insurance coverage must be collaterally secured.