2009-072 - Laserfiche WebLink

Home Browse Search

be held in escrow and deposited in a separate escrow account maintained in the State of Florida (the "Capital Reserve Account'), invested and disbursed as provided herein. 2. Investment. Funds in the Capital Reserve Account shall be invested at the direction of the County in such investments which are legal investments for County funds which are set forth in Exhibit "C" attached hereto and made a part hereof, as same may be amended by the County from time to time. Interest earnings on such funds shall be deposited to the Capital Reserve Account and disbursed as provided in Section 3 hereof. 3. Disbursement. Funds on deposit in the Capital Reserve Account shall be disbursed by the Capital Reserve Account Agent solely upon fulfillment of the following conditions: (a) Subject to there not having occurred an event as set forth in paragraph (b) of this Section 3, upon submission of a Requisition Request in the form attached hereto as Exhibit "D", the Capital Reserve Account Agent is authorized and directed to pay to the payee designated in such Requisition Request the amount designated for such payment from amounts on deposit in the Capital Reserve Account, including any investment earnings thereon. (b) Upon telephonic notice from the County, to be promptly confirmed in writing, that a default by MiLB has occurred under the Lease and the County has terminated the Lease, or that the Lease has otherwise terminated, moneys on deposit in the Capital Reserve Account thereupon, including any investment earnings thereon, shall be held by the Capital Reserve Account Agent for the exclusive benefit of the County and disbursed to the County in accordance with written instructions from the County Administrator or his designee. 4. Authorized Uses of Funds in the Capital Reserve Account. The funds held in the Capital Reserve Account may be used solely for the limited purposes set forth herein. Any Requisition submitted by MiLB to the County for approval shall constitute an affirmative statement by MiLB that all items for which payment is requested under the Requisition is for a use permitted by this Section 4. The County agrees to approve such Requisitions submitted by MiLB upon delivery of the back-up material required to be submitted with all Requisitions for costs of a component of any approved improvements. Permitted uses by MiLB shall consist of costs related to a capital repair or replacement of any component of the Facility or Land, or new improvements thereto or thereon approved by the County. The costs of all components of the Improvements agreed by the County not be paid from funds on deposit in the Capital Reserve Account shall be paid with separate funds provided by the County. To the extent MiLB elects to obtain reimbursement for the costs of any capital repair or replacement from the Capital Reserve Account rather than with funds provided by MiLB, the County agrees to approve such Requisition so long as (i) the payee thereunder is a third party provider of goods or service, and (ii) the repair or replacement is in excess of $1,000 and constitutes a capital expenditure, and the County shall consider approval of any other Requisition 9