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(c) when the project is substantially complete <br /> (operational or beneficial occupancy), the <br /> retained amount shall be further reduced <br /> below 5% to only that amount necessary to <br /> assure completion of the contract work; <br /> (d) a cash bond or irrevocable letter of credit <br /> may be accepted in lieu of all or part of the <br /> cash retainage under (b) or (c), above. <br /> The grantee further agrees to include appropriate <br /> provision in each Step 3 construction contract to <br /> implement this prompt payment requirement. <br /> The foregoing condition wi1:1 not apply to the extent <br /> that it may be prohibited by any specific requirement <br /> of State or local laws or ordinances. <br /> 5. The grantee agrees to report to. the Project Officer and <br /> promptly credit to the Federal share due under this <br /> grant the full amount of any interest earned, or; if no <br /> such interest is earned, an imputed amount of interest <br /> at the prevailing rate, upon Federal sums paid Lo the <br /> grantee, if payment to the contractor is unjustifiably <br /> delayed by the grantee, its employees or <br /> representatives. <br /> <br /> 6. The Grantee shall acquire and maintain any flood <br /> insurance made available to it under the National Flood <br /> Insurance Act of 1968, as amended. The insurance shall <br /> be in an amount at least equal to the total eligible <br /> project costs excluding cost of land and uninsurable <br /> improvements, or to the maximum limit of coverage made <br /> available under the Nationa: Flood Insurance Act of <br /> 1968, as amended, whichever is less, for the entire <br /> useful life of the project. <br /> This condition shall not be applicable if, on the date <br /> of execution of the grant ap;reement by both parties, <br /> flood insurance was not available pursuant to the Flood <br /> Insurance Act of 1968, as amended, for property in the <br /> project location. This condition shall not be <br /> applicable if the project location is outside the <br /> boundaries of a special flood hazard area delineated on <br /> a Flood Hazard Boundary Map or Flood Insurance Rate Map <br /> which has been issued by the Department of Housing and <br /> Urban Development, Federal 'Insurance Administration. <br /> This condition shall not be applicable if the total <br /> <br />