Closeout Agreement and Use of Post Sample Clauses

Closeout Agreement and Use of Post. Cooperative Agreement Program Income 1. As provided at 2 CFR § 200.307(f) and 2 CFR § 1500.7(c) after the end of the award period, the CAR may keep and use program income at the end of the cooperative agreement (retained program income) and use program income earned after the award period (post- closeout program income) in accordance with the following Closeout Agreement unless the CAR and EPA’s Award Official or Grants Management Officer agree to modify the terms. 2. Program income shall include principal repayments, interest earned on outstanding loan principal, interest earned on accounts holding RLF program income not needed for immediate lending, all loan fees and loan-related charges received from borrowers and other income generated from RLF operations including proceeds from the sale, collection, or liquidations of assets acquired through defaults of loans. 3. CAR must deposit program income into an interest-bearing account. Interest earned on program income is considered additional program income. 4. CARs shall use program income to continue to operate the revolving loan fund or for some other xxxxxxxxxx purpose as outlined in the terms of this Closeout Agreement. 5. In accordance with 2 CFR § 200.333(e), the CAR shall maintain appropriate records to document compliance with the requirements of the Closeout Agreement (i.e., records relating to the use of accrued and post-award program income). EPA may request access to these records to verify that retained and post-closeout program income has been used in accordance with the terms and conditions of this Closeout Agreement. 6. EPA prefers the primary use of retained and post-closeout program income be for providing loans for Brownfields cleanups. In addition to Brownfields cleanup loans, program income may be used to fund the following Brownfields activities: a. Cleanup subgrants to eligible entities and nonprofit organizations for allowable activities as described in the terms of the cooperative agreement; b. Phase I Environmental Site Assessments at Brownfield sites performed in accordance with EPA All Appropriate Inquiries Final Rule or ASTM E1527-13 (or the most current version); c. Phase II Environmental Site Assessments and cleanup planning activities at brownfield sites; d. Area-wide planning for the assessment, cleanup and re-use of xxxxxxxxxx sites; and e. Programmatic costs to manage and oversee the work being performed. 7. The CAR must ensure that program income is used on a property tha...
Sample 1
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Closeout Agreement and Use of Post. Cooperative Agreement Program Income for any retained and future program income generated after closeout. Eligible uses include continuing to operate an RLF for xxxxxxxxxx site cleanup and/or other xxxxxxxxxx site activities as identified in Section IV.F.6.
Sample 1

Related to Closeout Agreement and Use of Post

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