TITLE 92: TRANSPORTATION
CHAPTER I: DEPARTMENT OF TRANSPORTATION
SUBCHAPTER h: PUBLIC TRANSPORTATION
PART 651 REGULATIONS FOR PUBLIC TRANSPORTATION ASSISTANCE TO NEW PROGRAMS IN NONURBANIZED AREAS
SECTION 651.407 PROTECTION OF PROGRAM FUNDS RECEIVED UNDER OPERATING AND CAPITAL ASSISTANCE GRANTS


 

Section 651.407  Protection of Program Funds Received Under Operating and Capital Assistance Grants

 

a)         Each participant shall establish separate accounts for both operating and capital assistance funds received under Section 18 grants, either to be maintained within its existing accounting system or to be established independently.  The accounts shall be in conformity with the uniform accounting requirements established by the State and the FHWA.

 

b)         All Section 18 operating and capital assistance funds must be deposited in a bank or trust company which is a member of the Federal Deposit Insurance Corporation.