Escrow

Escrow. EMSOF may be escrowed (up to a maximum of three years) for local improvements in Emergency Medical Services regulated by the Bureau of Emergency Medical Services. (Example: Purchasing a new ambulance or radio system that cost more than grant amount.) Grant awards may be escrowed up to three years from the disbursement. All escrow amounts and interest must be fully expended by the end of the fourth grant year. (Example: ABC County received $10,000 in EMSOF for FY2008, $10,000 for FY2009 and $10,000 for FY2010 and wishes to replace a high mileage ambulance that will cost $40,400. ABC County received $10,000 in EMSOF for FY 2011 and must fully expend the $40,000 plus interest accrued on escrowed amounts prior to the end of the governmental fiscal year for FY2011.) Escrow funds not fully expended by the end of the fourth grant year must be returned to the State. All interest posted must be reported and expended consistent with these regulations.