Current through Register Vol. 54, No. 52, December 28, 2024
Section 349.22 - Use of surplus funds-approval(a)Disposition. Unless specific authorization to the contrary is granted by the Department, all unused contingency funds, interest earnings, and other construction fund accumulations must be used to reduce the amount of the bond issue or other payments against which the Commonwealth grants reimbursement.(b)Exception. When a trust agreement so permits, the Department may, prior to final project audit, grant permission for the use of unexpended project contingency funds for items originally approved and bid but ultimately excluded because of expected insufficiency of funds.(c)Compensatory adjustment. When a trust agreement so permits, the Department may, prior to final project audit, grant permission for the use of unexpended project funds for other lawful purposes. When such use is approved by the Department, it will apply a compensatory reimbursable percentage reduction.