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E-1 that any extension of funding beyond this date shall be at the sole discretion of the DISTRICT. Any request for extension of funding beyond the date set forth in the preceding paragraph shall require submittal by the PROJECT SPONSOR of a request for extension to the DISTRICT no later than July 1, 2001. This request will then be considered by the DISTRICT Board, whose decision shall be final. 3. ASSISTANCE AMOUNT - The DISTRICT shall contribute no more than twenty-three percent (23%) of the PROJECT SPONSOR'S out-of-pocket costs for completion of this PROJECT ("PROJECT AMOUNT"). Payment of funds by the DISTRICT to the PROJECT SPONSOR (the "ASSISTANCE AMOUNT") will be on a reimbursement basis only, and only for those authorized PROJECT COSTS as shown in Exhibit B and meeting the requirements of Paragraph 5 below and shall not, in any event, exceed $120,000.00. 4. MATCHING FUNDS - The PROJECT SPONSOR. warrants and represents that it has the PROJECT SPONSOR Match Amount (the PROJECT AMOUNT less the ASSISTANCE AMOUNT) available for the completion of the PROJECT and shall, prior to the execution of this Agreement, have provided the DISTRICT with suitable evidence of the availability of such funds using DISTRICT Form 495-01 (Exhibit C), and including upon request, providing the 'DISTRICT with access to applicable books and records, financial statements, and bank statements. 5. PROJECT COSTS - To be eligible for reimbursement under the Project Agreement, PROJECT COSTS must be necessary and reasonable for the effective and efficient accomplishment of the PROJECT and must be directly allocable thereto, PROJECT COS'T'S are generally described in Exhibit B. PROJECT COSTS must be incurred and work performed within the Project period, with the exception of pre - agreement costs, if any specifically identified in Paragraph G below, which are also eligible for reimbursement by the DISTRICT. 2