Section 18093.1 - Payment of Grant Funds(a) Grants will be awarded annually each year subject to the availability of funds.(b) Grant recipients will be advanced ninety percent (90%) of their grant funds. All grant funds must be placed in an interest-bearing account with a fully insured financial institution. The grantee shall track interest accrued on the advance payment. Interest earned from the account shall be used only for eligible grant related expenses or returned to the Board.(c) The Board will withhold ten percent (10%) of the total grant funds until satisfactory completion of the project and approval of grantee's final report and payment request.Cal. Code Regs. Tit. 14, § 18093.1
1. New section filed 8-26-2002; operative 9-25-2002 (Register 2002, No. 35). Note: Authority cited: Section 43231, Public Resources Code. Reference: Sections 43230 and 43232, Public Resources Code.