RE-APPROPRIATION. The parties hereto understand and agree that any state funds not expended by the end of the declared BIENNIUM, including the ten percent (10%) retainage as described in SPECIAL TERMS AND CONDITIONS, Section 20: REIMBURSEMENT, will lapse on that date unless specifically re-appropriated in an enacted Capital Budget. THE BOARD will make all necessary efforts to seek re-appropriation of funds into the declared BIENNIUM. If funds are so re-appropriated, THE BOARD’S obligation under the terms of this Contract shall be contingent upon the terms of such re-appropriation.
RE-APPROPRIATION. 9.1.1 In order to minimize the administrative burden associated with budget realignment requests, the Operator is allowed flexibility to re-appropriate budget items within at their yearly expenditure plans to match the changing circumstances of the project. In general, a formal realignment budget intimation to the Authority will occur with the condition that no re- appropriation is allowed for Management Fees, and Salary budget, whereas other budgetary re-appropriations may be allowed under the following terms. The proposed realignment budget shall be submitted by the Operator to the Independent Expert and the Independent Auditor warranting advice and endorsement. Proposed changes allowed via budget re- appropriations if applicable will then be informed to the Authority by the Independent Auditor. Notwithstanding the above the Authority reserves its full discretion to approve or disapprove the budgetary Re-appropriations proposed by the Independent Auditor on behalf of the Operator. The Budgetary realignment can be proposed by the Operator on yearly and quarterly basis subject to the condition that the Project Cost and yearly limit shall remain the same as submitted in the financial bid accepted by the Authority.
RE-APPROPRIATION. 9.1.1 In order to minimize the administrative burden associated with budget realignment requests, the Operator is allowed flexibility to re-appropriate budget items within the Bid Price to match the changing circumstances of the project. In general, formal realignment budget intimation to the Authority will occur with the condition that no re-appropriation is allowed for Management Fees, and soft costs, whereas other budgetary re-appropriations may be allowed under the following terms:
