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requirement for the equipment exists in other State agencies . The Department shall issue instructions to the Recipient no later than 120 calendar days after the Recipient's request and the following procedures shall govern . (1 ) If so instructed or if disposition instructions are not issued within 120 calendar days after the Recipient's request, the Recipient shall sell the equipment and reimburse the Federal awarding agency an amount computed by applying to the sales proceeds the percentage of Federal participation in the cost of the original project or program . However, the Recipient shall be permitted to deduct and retain from the State share $500 or ten percent of the proceeds, whichever is less, for the Recipient's selling and handling expenses . (2) If the Recipient is instructed to ship the equipment elsewhere , the Recipient shall be reimbursed by the State of Florida by an amount which is computed by applying the percentage of the Recipient's participation in the cost of the original project or program to the current fair market value of the equipment, plus any reasonable shipping or interim storage costs incurred . (3) If the Recipient is instructed to otherwise dispose of the equipment, the Recipient shall be reimbursed by the Department for such costs incurred in its disposition . (4 ) The Department may reserve the right to transfer the title to the State of Florida or to a third party named by the State when such third party is otherwise eligible under existing statutes. Such transfer shall be subject to the following standards . (i) The equipment shall be appropriately identified in the award or otherwise made known to the Recipient in writing . (i) The Department shall issue disposition instructions within 120 calendar days after receipt of a final inventory. The final inventory shall list all equipment acquired with grant funds and federally-owned equipment. If the Department fails to issue disposition instructions within the 120 calendar day period , the Recipient shall apply the standards of this section , as appropriate. (iii ) When the Department exercises its right to take title , the equipment shall be subject to the provisions for State-owned equipment. (24) LEGAL AUTHORIZATION . The Recipient certifies with respect to this Agreement that it possesses the legal authority to receive the funds to be provided under this Agreement and that, if applicable , its governing body has authorized , by resolution or otherwise, the execution and acceptance of this Agreement with all covenants and assurances contained herein . The Recipient also certifies that the undersigned possesses the authority to legally execute and bind Recipient to the terms of this Agreement. (25) ASSURANCES . The Recipient shall comply with any Statement of Assurances incorporated as Attachment 1 . IN WITNESS WHEREOF, the parties hereto have caused this contract to be executed by their undersigned officials as duly authorized . 16