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B-169491 1 (1971-06-30)

handle is hein.gao/gaobaafiw0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE DUN WASHINGTON, D.C. 20548 CIVIL DIVISION B-169491 J U i . 11II11I1 I I IlIII l 1111111 Ii I I NI LM095612 Dear Mr. Secretary: The General Accounting Office has reviewed the policies, procedures, and practices of the Urban Mass Transportation Administration (UMTA) for determining the net project cost for capital grants authorized under sec- tion 3 of the Urban Mass Transportation Act of 1964, as amended (49 U.S.C. f, 1601). The purpose of the capital grant program is to assist State and local public bodies and agencies thereof in financing the acquisition, construction, reconstruction, and improvement of facilities and equipment used for providing mass-transportation service in urban areas. Under the capital grant program, the amount of a grant is related directly to the net project cost. The maximum grant is two thirds of the net project cost, if the urban area has developed a program for a unified or officially coordinated urban transportation system as part of the com- prehensive planned development of the area. If plans for the unified or coordinated transportation system have not been completed but are under active development, a community may qualify for a grant equal to one half of the net project cost; a grant for the balance of the full two thirds of the net project cost will be made if the community meets the full planning requirements within 3 years. Section 4(a) of the act defines net project cost and provides, in part, that: The Secretary, on the basis of engineering studies, studies of economic feasibility, and data showing the nature and extent of expected utilization of the facilities and equipment, shall estimate what portion of the cost of a project to be assisted under section 3 cannot be reasonabiy financed from revenues-- which portion shall hereinafter be called 'net project cost.' 50TH ANNIVERSARY 1921-1971b? -1

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