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Before awarding a grant under this chapter or under a program described in 15 AAC 154.900, the Corporation will enter into a grant agreement with the recipient of the grant. The grant agreement will include, but is not limited to, the following:
(1) a statement of the intended use of the grant funds, specifying how the funds will be used in connection with the purposes of the particular grant program;
(2) a budget description in detail appropriate to the scope of the project;
(3) a timetable listing the steps considered necessary for the timely completion of the project and listing the schedule for the payment of grant funding;
(4) a provision for the administration of the grant money according to generally accepted financial accounting procedures, for regular periodic reporting to the Corporation of grant-sponsored activities, and for the disposition of funds in accordance with intended use;
(5) a provision for the cessation of grant payments if the Corporation determines that the applicant is not using grant money for its intended purposes or is not proceeding satisfactorily with the development of the project;
(6) a provision acknowledging that all interest earned on grant funds remains the property of the Corporation and that all such interest will be remitted to the Corporation upon completion of the final project audit;
(7) a statement acknowledging that the applicant and its architect, and not the Corporation, are responsible for obtaining necessary licenses and permits, if any, for ensuring that all aspects of the project comply with all applicable laws, regulations, ordinances, and codes, and for all costs of the project in excess of the amount of approved grants; and
(8) a promise to defend and hold harmless, and to require all contractors and subcontractors to hold harmless, the Corporation from any action arising from its alleged failure to award a grant under the applicable program.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
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Last modified 7/05/2006