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2007-194
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2007-194
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Entry Properties
Last modified
5/20/2016 12:31:17 PM
Creation date
9/30/2015 10:51:41 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
06/19/2007
Control Number
2007-194
Agenda Item Number
7.H.
Entity Name
Florida Department of Transportation
Subject
Memorandum of Agreement Establish Escrow Account
Roadway Transfer Agreement
Area
SR 510 (Wabasso Causeway) US1 abd SR A1A
Project Number
413803-1-52-01
Supplemental fields
SmeadsoftID
6336
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6t-� o � <br /> • z7d7 - Iq <br /> MOA if the County sends a check <br /> MEMORANDUM OF AGREEMENT <br /> THIS AGREEMENT, made and entered into this ) f t , day of � 200_1 <br /> by and between the State of Florida, Department of Transportation, hereinafte referred to as <br /> " FDOT" and the State of Florida, Department of Financial Services, Division of Treasury and <br /> INDIAN RIVER COUNTY hereinafter referred to as the " Participant" . <br /> WITNESSETH <br /> WHEREAS, " FDOT" is currently constructing the following project: <br /> Financial Project Number: 413803- 1-52-01 <br /> County : INDIAN RIVER COUNTY <br /> hereinafter referred to as the " Project' . <br /> WHEREAS, FDOTand the Participant entered into a Roadway Transfer Agreement (RTA) <br /> dated June 14, 2005, wherein DOT agreed to perform certain work on behalf of the Participant in <br /> conjunction with the Project. <br /> WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in the best <br /> interest of the FDOT and the Participant to establish an interest bearing escrow account to provide <br /> funds for the work performed on the Project on behalf of the Participant by the FDOT. <br /> NOW THEREFORE, in consideration of the premises and the covenants contained herein, the <br /> parties agree to the following : <br /> 1 . FDOT and the PARTICIPANT agree that the recitals set forth above are true and <br /> correct and deemed incorporated herein . <br /> 2 . An initial deposit in the amount of ONE MILLION FIVE HUNDRED FORTY SIX <br /> THOUSAND DOLLARS ($1,546,000.00) will be made by the Participant into an <br /> interest bearing escrow account established by the FDOT for the purposes of the <br /> Project. Said escrow account will be opened with the Department of Financial <br /> Services, Division of Treasury, Bureau of Collateral Management on behalf of the <br /> FDOT upon receipt of this Memorandum of Agreement. Such account will be an <br /> asset of FDOT. <br /> 3 . Other deposits will be made only by the Participant as necessary to cover the cost of <br /> additional work prior to the execution of any Supplemental Agreements. <br /> 4. All deposits shall be made payable to the Department of Financial Services, Revenue <br /> Processing and mailed to the FDOT District Four Office. The District Four Office will <br /> then forward the check, along with required documentation to the FDOT Central <br /> Office for appropriate processing at the following address : <br />
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