Common use of Loss of Maximum State Marchiselli Reimbursement Clause in Contracts

Loss of Maximum State Marchiselli Reimbursement. Failure to execute the State-Local Agreement within two years (2) years from the approved allocation will result in rescission of the 7 xxx.xxx.xxxxx.xx.xx/xxxx/xxxxx.xxx initial State commitment for such project phase(s) and concomitant release of programmed Marchiselli funds. Furthermore, any project approved by the State for Marchiselli funds through an executed SLA which has not proceeded under the current phase within two years of the authorization of funds will be rescinded, unless a waiver is obtained from NYSDOT. Once commitments are rescinded and funds released, the Sponsor will have to reapply for the allocation through the Region. When the required Sponsor deposit for a State-administered project has not been verified within twelve (12) months of execution of the SLA, any amount of Marchiselli Program funds remaining for such project or project phase(s) will be declared surplus by NYSDOT. In such cases, all surplus funds will be reallocated for use with the next year’s Marchiselli allocation request. It is imperative that Sponsors monitor their projects and SLAs closely to avoid such potential loss of funds.

Loss of Maximum State Marchiselli Reimbursement. Failure to execute the State-Local Agreement within two years (2) years from the approved allocation will result in rescission of the 7 xxx.xxx.xxxxx.xx.xx/xxxx/xxxxx.xxx initial State commitment for such project phase(s) and concomitant release of programmed Marchiselli funds. Furthermore, any project approved by the State for Marchiselli funds through an executed SLA which has not proceeded under the current phase within two years of the authorization of funds will be rescinded, unless a waiver is obtained from NYSDOT. Once commitments are rescinded and funds released, the Sponsor will have to reapply for the allocation through the Region. When the required Sponsor deposit for a State-administered project has not been verified within twelve (12) months of execution of the SLA, any amount of Marchiselli Program funds remaining 7 xxx.xxx.xxxxx.xx.xx/xxxx/xxxxx.xxx for such project or project phase(s) will be declared surplus by NYSDOT. In such cases, all surplus funds will be reallocated for use with the next year’s Marchiselli allocation request. It is imperative that Sponsors monitor their projects and SLAs closely in order to avoid such potential loss of funds.

Loss of Maximum State Marchiselli Reimbursement. Failure to execute the State-Local Agreement within two years (2) years from the approved allocation will result in rescission of the 7 xxx.xxx.xxxxx.xx.xx/xxxx/xxxxx.xxx initial State commitment for such project phase(s) and concomitant release of programmed Marchiselli funds. Furthermore, any project approved by the State for Marchiselli funds through an executed SLA which has not proceeded under the current phase within two years of the authorization of funds will be rescinded, unless a waiver is obtained from NYSDOT. Once commitments are rescinded and funds released, the Sponsor will have to reapply for the allocation through the Region. When the required Sponsor deposit for a State-administered project has not been verified within twelve (12) months of execution of the SLA, any amount of Marchiselli Program funds remaining for such project or project phase(s) will be declared surplus by NYSDOT. In such cases, all surplus funds will be reallocated for use with the next year’s Marchiselli allocation request. It is imperative that Sponsors monitor their projects and SLAs closely in order to avoid such potential loss of funds.

Loss of Maximum State Marchiselli Reimbursement. Failure to execute the State-Local Agreement within two years (2) years from the approved allocation will result in rescission of the 7 xxx.xxx.xxxxx.xx.xx/xxxx/xxxxx.xxx initial State commitment for such project phase(s) and concomitant release of programmed Marchiselli funds. Furthermore, any project approved by the State for Marchiselli funds through an executed SLA which has not proceeded under the current phase within two years of the authorization of funds will be rescinded, unless a waiver is obtained from NYSDOT. Once commitments are rescinded and funds released, the Sponsor will have to reapply for the allocation through the Region. When the required Sponsor deposit for a State-administered project has not been verified within twelve (12) months of execution of the SLA, any amount of Marchiselli Program funds remaining for such project or project phase(s) will be declared surplus by NYSDOT. In such cases, all surplus funds will be reallocated for use with the next year’s Marchiselli allocation request. It is imperative that Sponsors monitor their projects and SLAs closely to avoid such potential loss of funds.