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IV. The responsibilities of the County are: a. To submit grant applications for Section 5307 and Florida Public Transit Block Grant (PTBG) funds: In July of each year, the County will coordinate with the SRA to project capital and operating funding needs for the following fiscal year. Using that information and other data provided by the SRA, the County will prepare and submit grant applications for FTA Section 5307 grant funds and Florida PTBG funds. The County also agrees to provide, on an annual basis, matching funds for mass transit purposes. b. To administer and manage Section 5307 and PTBG funds: The County will prepare and submit all applicable quarterly progress reports, financial status reports, invoices, requisitions, and closeout reports for Section 5307 and PTBG fiinds: These submittals will be based on information provided to the County by the SRA. The County agrees to reimburse the SRA within 30 days of receipt of the SRA's accurate monthly invoice for mass transit funding. The County may at the County's option provide funding on an advance basis. This advance will be provided in monthly draws equal to 1/12th of the annual operating budget paid in advance on the first day of each month. C. To maintain an accurate inventory of capital equipment purchased with Section 5307 funds: As the designated recipient of Section 5307 funds, the County will take title to all rolling stock and other capital items purchased with Section 5307 grant funds. Consistent with its approved procedures, the County will tag all capital assets and add each asset to its fixed assets inventory records. These records will be maintained and updated as necessary. An inventory of all SRA Section 5307 capital purchases will be conducted at least biennially. d. To perform regular vehicle maintenance on SRA vehicles: The County will perform all preventive maintenance as scheduled and in conformance with the Indian River County Transit Vehicle and Accessibility Feature maintenance plan. e. To provide assistance to and oversight of SRA's transit activities: The County will meet with the SRA on a quarterly basis to discuss transit system operations issues, including system performance, status of Section 5307 and PTBG funds utilization, other budget matters, federal requirements, routes, ridership, problems, opportunities, and other issues. Meetings will be held on the last Wednesday in the months of January, April, July and October. Besides Indian River County Mass Transit Service Agreement Page 2 25