Recovery of Financial Assistance. (1) Notice of Underexpenditure, Overexpenditure or Misexpenditure. If OHA believes there has been an Underexpenditure or Overexpenditure (as defined in Exhibit A) of moneys disbursed under this Agreement, OHA shall provide LPHA with written notice thereof and OHA and LPHA shall engage in the process described in “Recover of Underexpenditure or Overexpenditure” below. If OHA believes there has been a Misexpenditure (as defined in Exhibit A) of moneys disbursed to LPHA under this Agreement, OHA shall provide LPHA with written notice thereof and OHA and LPHA shall engage in the process described in “Recover of Misexpenditure” below.
Recovery of Financial Assistance. CAEATFA may seek the recovery of the Financial Assistance actually utilized in cases in which the Applicant: (1) does not meet the substantial use requirements identified in Section 10033(b)(1)(A) of Division 13 of Title 4 of the California Code of Regulations or (2) removes the Qualified Property acquired from the California prior to the shorter of (a) the expiration of the term of this Regulatory Agreement or (b) three (3) years except as provided in Section 10035(a)(3)(C) of Division 13 of Title 4 of the California Code of Regulations. The recovery of Financial Assistance will be in the amount of the estimated sales and use tax exclusion actually utilized as determined by CAEATFA at the time of acquisition plus a fixed rate of five percent (5%) of the sales and use tax exclusion amount.
Recovery of Financial Assistance. The Authority may seek recovery of the Financial Assistance actually utilized in cases in which the Applicant: (1) does not meet the substantial use requirements identified in Section 10033(b)(1)(A) or (2) removes the Qualified Property acquired from the State of California prior to the shorter of (a) the expiration of the term of the Regulatory Agreement or (b) three years except as provided in Section 10035(a)(3)(C). The recovery of Financial Assistance will be in the amount of the estimated sales and use tax exclusion actually utilized as determined by CAEATFA at the time of acquisition (“STE Amount”) plus a fixed rate of five percent (5%) of the STE Amount.
Recovery of Financial Assistance
