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FINANCIAL PROJECT N0. 23 527118401 <br /> EXHIBIT ttctv <br /> (For State Block Grant Only) <br /> This exhibit forms an integral part of that certain Joint Participation Agreement between <br /> the State of Florida, Department of Transportation and INDIAN RIVER COUNTY BOARD OF <br /> COUNTY CONMSSIONERS <br /> referenced by the above Financial Project Number. <br /> REF: Section 341.052 F.S. <br /> The Department shall provide block grant funds for eligible capital and operating costs of public <br /> bus transit and local public fixed guideway projects. Eligibility of this Agency to receive grant <br /> funding is provided in Sec. 341.052(1)F.S., and Sections 5307 and 5311 of the Federal Transit <br /> Act, 49 U.S.C. 5307, and 49 U.S.C. 5311 respectively. <br /> Eligible transit capital costs means any costs that would be defined as capital costs by the <br /> Federal Transit Administration. <br /> Eligible transit operating costs are the total administrative, management, and operation <br /> costs directly incident to the provision of public bus transit services, ezclnding any <br /> depreciation or amortization of capital assets. <br /> Block grant funds shall not exceed local revenue during the term of this agreement. <br /> (Local revenue is defined as the sum of money received from local government entities to <br /> assist in paying transit operation costs, including tax funds, and revenue earned from fare <br /> box receipts, charter service, contract service, express service and non-transportation <br /> activities.) <br /> Block grant funds shall not supplant local tax revenues made available for operations in the year <br /> immediately preceding this agreement. <br /> State participation in eligible public transit operating costs may not exceed fifty(50)percent of <br /> such costs or an amount equal to the total revenue, excluding farebox, charter, and advertising <br /> revenue and federal funds,received by the provider for operating costs,whichever amount is less. <br /> The Agency shall require the independent auditor, retained to perform the audit as required by the <br /> Single Audit Act of 1984, to specifically test and certify that these limitations (...funds shall not <br /> exceed local revenue...funds shall not be expended for depreciation or amortization of capital <br /> assets...funds shall not supplant local tax revenues made available for operations in the previous <br />