Programme Investment Fund. 5.1 A Programme Investment Fund will be established and administered in accordance with clause 6.1 of this Agreement.
Programme Investment Fund. 6.1.1 Kent shall set up, within its corporate financial system, a dedicated account, to be known as the Programme Investment Fund, solely for the use of the Programme. Version 15 Draft : 28th November 2013 Kent Thameside Strategic Transport Programme Partnership Agreement
6.2.1 Kent shall hold and manage the Programme Investment Fund and will only apply the Programme Investment Fund for the purpose of the Programme and for Programme Overheads subject to Clause 6.2.3.
6.1.2 Kent may at the request of DfT, or through any subsequent DfT Funding Agreement entered into, and with the prior written agreement of the Borough Councils apply specified sums from the Programme Investment Fund to a DfT Project. In determining whether to apply sums from the Programme Investment Fund to a DfT Project, Kent shall have regard to the adequacy of the Programme Investment Fund to meet the projected costs of the delivery of the Programme.
6.1.3 Kent shall promptly claim any sums payable from either the HCA, pursuant to the HCA Funding Agreement, or the DfT, pursuant to any DfT Funding Agreement subsequently entered into. Kent shall account for any such sums paid from either the HCA or the DfT within the Programme Investment Fund within 10 Business Days of the receipt of such sums.
6.1.4 Within 10 Business Days of its receipt of any payment from a Borough Council pursuant to clause 5.2 of this Agreement Kent shall credit the Programme Investment Fund with that money.
6.1.5 Kent may deduct sums from the Programme Investment Fund to cover Programme Overheads subject to a cap of 1.75% of the total estimated cost of the Programme.
6.1.6 Kent may, with the prior written approval (such approval not to be unreasonably withheld or delayed) of the other Parties, incur expenditure on goods, services or premises required for the discharge of its duties under this Agreement (Exceptional Expenditure). Where Kent incurs Exceptional Expenditure with the prior approval of the Parties to this Agreement such expenditure shall not count for the purposes of the cap on recovery of Programme Overheads in clause 6.1.5 of this Agreement.
6.1.7 Where Xxxx draws upon prudential borrowings in accordance with clause 4.3.3 of this Agreement for the purposes of the delivery of a Proposed Scheme, Kent may deduct any Borrowing Costs from the Programme Investment Fund.
6.1.8 Kent shall:
a) maintain and operate effective monitoring and financial management systems for the Programme in order to control expenditur...
Programme Investment Fund. 6.1.1 Kent shall set up the Programme Investment Fund and shall ensure that the Programme Investment Fund is applied only for the purpose of the Programme and for Programme Overheads, subject to clauses 6.1.2, 6.1.3 and 6.1.6 below.
