FHWA says 'no' to general contractors.The Federal Highway Administration's Associate Administrator for Infrastructure, will not allow federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve to be used to reimburse contractors for cost increases on existing federal-aid highway contracts, where such adjustment clauses were not in the original contract, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. The Associated General Contractors Associated General Contractors of America is the nation's oldest and largest trade association representing the construction industry. It was formed in 1918 following a request by President Woodrow Wilson. of America. States are free to use 100% state money for reimbursement on such contract adjustments, although he noted that a survey conducted last week by the American Association of State Highway and Transportation Officials showed that more than 20 states have provisions prohibiting such retroactive adjustments. States that want to reimburse contractors with state funds will have to submit contract changes to their FHWA FHWA Federal Highway Administration (US DoT) division office. |
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