Documentation that the Applicant can commit at least $40,000
in cash reserves to facilitate administration of the program and to
ensure the capacity to cover costs prior to reimbursement or costs
determined to be ineligible for reimbursement. The amount of the cash
reserve commitment must be included in the Applicant's resolution.
To meet this requirement, Applicants must submit:
(1) financial statements indicating adequate local
unrestricted cash or cash equivalents to utilize as cash reserves
and a letter from the Applicant's bank(s) or financial institution(s)
indicating that current account balances are sufficient; or
(2) evidence of an available line of credit or equivalent
in an amount equal to or exceeding the requirement in this subsection.
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