Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).
Surplus funds means, at any given date, the excess of cash and other recognized assets that are expected to be resolved into cash or its equivalent in the natural course of events and with a reasonable certainty, over the liabilities and necessary reserves at the same date.
Project Account means the account referred to in Section 3.03 of this Agreement;
Contract Funds means the funds that have been appropriated, designated, encumbered, or otherwise made available for payment by the State under this Contract.
Unspent Funds means the amount reported as unspent by the Recipient as of December 31, 2023 in the Recipient’s 2023 Annual Report (as defined under the Prior Agreement).
Public funds means money belonging to the government.
Initial Reserve Account Deposit Amount means an amount equal to $16,255,050.05.