Common use of Depository Accounts Clause in Contracts

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non interest-bearing account, dedicated to VCDP funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders.

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non interest-bearing account, dedicated to VCDP CDBG-DR2 funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders.

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non interest-bearing account, dedicated to VCDP CDBG funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders.

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non non- interest-bearing account, dedicated to VCDP funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders.

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non interest-bearing account, dedicated to VCDP CDBG-DR1 funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders.