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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 COSTS are generally described in Exhibit B. PROJECT COSTS must be incurred and work performed within (lie PROJECT period, with the exception of pre - agreement costs, if any specifically identified in Paragraph 6 below, which are also eligible for reimbursement by the DISTRICT. b. PRE -AGREEMENT COSTS - The DISTRICT and the PROJECT SPONSOR fully understand and agree that there shall be no reimbursement of fiends by the DISTRICT for any obligation or expenditure made prior to the execution of this Project Agreement. 7. REIMBURSEMENT PROCEDURES PROJECT COSTS shall be reported to the DISTRICT and summarized on the Payment Reimbursement Request Form (Form #90-20) attached as Exhibit D. Supporting documentation including bills and canceled payment vouchers for expenditures shall be provided to the DISTRICT by the PROJECT SPONSOR or LIAISON ,AGENT with any payment request. All records in support of the PROJECT COSTS included in payment requests shall be subject to review and approval by the DISTRICT or by an auditor selected by the DISTRICT. Audit expenses shall be borne by the PROJECT SPONSOR. Project funds may be released in installments, at the discretion of the DISTRICT, upon submittal of a payment request by the PROJECT SPONSOR or LIAISON AGENT. The DISTRICT shall retain ten percent (10%) of each installment payment until the completion of the PROJECT. The following costs, if authorized in the attached Exhibit B shall be reimbursed only upon completion of the 'PROJECT to the reasonable satisfaction of the DISTRICT said in accordance with Exhibit A: personnel, equipment, project management, 3