Common use of LOCAL MATCH FUNDS Clause in Contracts

LOCAL MATCH FUNDS. RECIPIENT shall provide matching funds in an amount of Match Percentage with two digits after decimal (XX.XX%) percent (Match Percentage) of the actual cost of the Project. If the full Fund Limit is paid by SANDAG, RECIPIENT’s match amount is estimated to be $Match Amount. If the actual cost of the Project exceeds the Fund Limit, RECIPIENT shall be responsible for 100 percent of the actual cost greater than the Fund Limit. A. Except where expressly allowed in writing herein, reimbursement of credits for local matching funds will be made or allowed only for work performed on and after the Notice to Proceed date and prior to the termination date of this AGREEMENT, unless expressly permitted by SANDAG in writing, as permissible local match expenditures made prior to the effective date of this AGREEMENT. B. RECIPIENT agrees to contribute at least the Match Percentage using sources other than TransNet Ordinance funds or fare revenues. Matching funds may be in the form of in-kind contributions if included in the Project Description. RECIPIENT shall contribute no less than its required Match Percentage toward the services described herein on a proportional monthly or quarterly basis coinciding with its usual invoicing frequency.