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IV. The responsibilities of the County are: a. To submit applications for Federal Transit Administration (FTA) and Florida Department of Transportation (FDOT) grant funds: 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 applications for funding through grant programs, such as FTA Section 5307 and Florida Public Transit Block Grant (PTBG). b. To administer and manaize Section 5307, PTBG, and other grant funds: The County will prepare and submit all applicable quarterly progress reports, financial status reports, invoices, requisitions, and closeout reports for Section 5307, PTBG, and other grant funds. 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 public transportation funding. The County may at the County's option provide funding on an advance basis. This advance will be provided in monthly draws no more than 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 PTBG, and other grant funds: For capital equipment purchased with grant program funds for which the County is the designated recipient, such as Section 5307, the County will take title to all rolling stock and other capital items purchased with those 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 and other grant program capital purchases will be conducted at least biennially. d. To provide assistance to and oversight of SRA's Public Transportation activities: The County will meet with the SRA on a quarterly basis to discuss transit system operations issues, including system performance, status of grant 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, or as mutually agreed upon. Besides attending quarterly meetings, County staff will be available to assist the SRA with any transit planning, budget, grant administration, or other issues. The County will oversee the SRA's public transportation program as specified in this Agreement and as otherwise necessary to ensure that the SRA complies with Indian River County Public Transportation Service Agreement Page