Capital Asset Control. Within 90 days after the Closing Date, Authority and the Manager shall complete an inventory of all T&D System assets constituting "Capital Assets as such term shall be defined in accordance with directions of the Authority. Annually, no later than 60 days after the end of each Contract Year, the Manager shall provide to the Authority a list of all additions and retirements of Capital Assets from the perpetual records set forth in subsection 4.17 hereof, with such detail as requested by the Authority for maintenance of these records. Within 90 days after the sixth anniversary of the Closing Date, the Manager shall assist the Authority in completing a physical inventory of all Capital Assets. The Manager shall not dispose of, scrap, trade or sell any individual Capital Asset having an original cost of $100,000 or more without the Authority's prior written approval. To the extent directed by the Authority, all vehicles and equipment shall be purchased in the name of the Authority and title shall be so issued. As vehicles or other equipment are acquired by the Manager for the Authority, the Manager shall forward all titles to the Authority within 30 days after such acquisitions.
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Sources: Management Services Agreement (Long Island Lighting Co)
Capital Asset Control. Within 90 days after the Closing Date, the Authority and the Manager shall complete an inventory of all T&D System assets constituting "Capital Assets Assets" as such term shall be defined in accordance with directions of the Authority. Annually, no later than 60 days after the end of each Contract Year, the Manager shall provide to the Authority a list of all additions and retirements of Capital Assets from the perpetual records set forth in subsection 4.17 hereof, with such detail as requested by the Authority for maintenance of these records. Within 90 days after the sixth anniversary of the Closing Date, the Manager shall assist the Authority in completing a physical inventory of all Capital Assets. The Manager shall not dispose of, scrap, trade or sell any individual Capital Asset having an original cost of $100,000 or more without the Authority's prior written approval. To the extent directed by the Authority, all vehicles and equipment shall be purchased in the name of the Authority and title shall be so issued. As vehicles or other equipment are acquired by the Manager for the Authority, the Manager shall forward all titles to the Authority within 30 days after such acquisitions.
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