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construction of the PROJECT shall be eligible for future state cost sharing under the Florida Beach Management Funding Assistance Program, pursuant to Rule 6213 -36, Florida Administrative Code . 10 , The LOCAL SPONSOR shall perform as an independent contractor and not as an agent, representative , or employee of the DEPARTMENT . 11 . In accordance with Section 216 . 181 ( 16)(b) , Florida Statutes, the DEPARTMENT, upon written request from the LOCAL SPONSOR including justification for said request, and written approval from the Florida Department of Financial Services (DFS) , may provide an advance payment to the LOCAL SPONSOR. In addition to the written request for advance payment, the LOCAL SPONSOR shall also complete and submit the applicable portions of Attachment B (Advanced Payment Justification Form), attached hereto and made a part hereof. Consideration for advance payment is at the discretion of the DEPARTMENT, and shall be limited to eligible project construction costs onl . The LOCAL SPONSOR ' s expenditures shall draw proportionally upon both the LOCAL SPONSOR ' s funds and the DEPARTMENT ' s advanced funds in accordance with the cost share ratios established pursuant to this Agreement . If advanced payment is authorized, the LOCAL SPONSOR shall temporarily invest the advanced funds in an interest bearing account, and the LOCAL SPONSOR shall be responsible to the DEPARTMENT for a quarterly accounting of such funds . Interest income shall be documented by the LOCAL SPONSOR ' s submission of a current statement of account from the financial institution or agent where such funds are invested . Interest income shall be returned to the DEPARTMENT, within thirty (30) days following each quarter as set forth under this Agreement. Attachment C (Advanced Payment — Interest Earned Memorandum) , attached hereto and made a part hereof, is provided as a sample of the document generated internally each calendar quarter by the DEPARTMENT ' s Bureau of Finance and Accounting for agreements which authorized an advance payment. The DEPARTMENT ' s Grant Program Administrator shall forward such memorandum to the LOCAL SPONSOR ' s Project Manager, who shall be responsible for completion of the applicable interest statement details and submission to the DEPARTMENT each quarter. This responsibility shall continue as long as advanced funds remain with the LOCAL SPONSOR, or until construction is completed and a final accounting on the advanced funds is completed and the unused funds and interest due the DEPARTMENT are returned to the DEPARTMENT . Unused funds and interest accrued on any unused portion of advanced funds , which has not been remitted to the DEPARTMENT, shall be returned to the DEPARTMENT within sixty (60) days of the completion of construction portion of this PROJECT . The parties hereto acknowledge that the Department of Financial Services may identify additional requirements that must be met in order for advance payment to be authorized. If additional requirements are imposed by DFS , the LOCAL SPONSOR shall be notified in writing, by the DEPARTMENT ' s Grant Manager regarding the additional requirements . Prior to releasing any funds, the LOCAL SPONSOR shall be required to provide a written acknowledgement to the DEPARTMENT ' s Grant Manager of the LOCAL SPONSOR ' s acceptance of the terms imposed by the State Comptroller for release of funds . 12 . As consideration for the eligible work performed by the LOCAL SPONSOR under the terms of this Agreement, the DEPARTMENT shall pay the LOCAL SPONSOR as specified herein . For satisfactory performance , the DEPARTMENT agrees to compensate the LOCAL SPONSOR on a cost reimbursement basis for services rendered . All requests for reimbursement shall be made in accordance with Attachment D (Contract Payment Requirements) , attached hereto and made a part hereof, and state guidelines for eligible costs found in the Florida Department of Financial Services , Reference Guide to State Expenditures (March, 2003 ) at (<hllp ://www . dbf. state . O . us/aadir/reference guide>) . The LOCAL SPONSOR will submit a request for reimbursement of funds on the forms provided as Attachment E (Request For Payment, PARTS I - IV) , attached hereto and made a part hereof, on a quarterly basis . DEP Agreement No . H51R1 , Page 3 of 9