Common use of Operating Funds Expenditures Clause in Contracts

Operating Funds Expenditures. Funds transferred to the Contractor’s account shall be allocated and expended in accordance with the approved Operating Budget. Any unexpended operating funds shall promptly be refunded to the Authority concurrently with the submission of the Monthly Certified Statement, as described in Article VII herein, and further, all interest earned on operating funds deposited to the Contractor’s commercial account shall accrue to the benefit of the Authority. The Contractor shall only spend, transfer or move operating funds from its local commercial account maintained for this Contract to pay Reimbursable Expenses and shall not co-mingle the operating funds with any other assets, funds, or account.

Operating Funds Expenditures. Funds transferred by the Authority to the Contractor’s account shall be allocated and expended by the Contractor in accordance with the approved Operating Budget. Any unexpended operating funds shall promptly be refunded to the Authority concurrently with the submission of the Monthly Certified Statement, as described in Article VII V herein, and further, all interest earned on operating funds deposited to the Contractor’s commercial account shall accrue to the benefit of the Authority. The Contractor shall only spend, transfer or move operating funds from its local commercial account maintained for this Contract to pay Reimbursable Expenses and shall not co-mingle the operating funds with any other assets, funds, or account.