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MEMORANDUM OF AGREEMENT <br /> THIS AGREEMENT, made and entered into this <br /> between the State of Florida, Department of Transportation, hereinafter referred to as "FDOT" abnd the <br /> State of Florida,Department of Insurance, Division of Treasury, hereinafter referred to as "Treasury" <br /> and Indian River County hereinafter referred to as the "Participant". <br /> WITNESSETH <br /> WHEREAS, the Department is performing certain work on behalf of the County related to the follo%k ing <br /> Project: <br /> Financial Management Nos.: 203872/1/31/01 and 203872/1/32/01 <br /> F.A.P. No.: 7284-001-U <br /> County: PIAN RIVER <br /> Description: FINAL DESIGN SERVICES FOR IMPROVEMEI\?S TO 16'/17' STREETS FROM <br /> 500' WEST OF 14TH,'AVENUE TO US 1, hereinafter referred to as the "Project"; and, <br /> WHEREAS, DOT and the COUNTY entered into a Locally Funded'Aareement dated <br /> 200 � Da\ of <br /> wherein FDOT agreed to perform certain work on behalf of the COUNT'in <br /> conjunction a ith the Project; and, <br /> WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in the best interests of <br /> the FDOT and the Participant if an escrow account were established to provide funds for the performance <br /> of the work by the Department; <br /> NOW THEREFORE,in consideration of the premises and the covenants'contained herein the panies <br /> agree to the following: <br /> 1. An initial deposit in the amount of$103,125.00 (One Hundred Three Thousand One Hundred <br /> Twenty Five Dollars) will be made by the Participant into an interest bearing account established <br /> by the Department for the purposes of tla project. Said escrow account will be opened with the <br /> Department of Insurance, Division of Treasury, Bureau of Collateral Securities on behalf of the <br /> FDOT upon receipt of this Memorandum of Agreement. Such account will be an asset of FDOT. <br /> Other deposits will be made only by the Participant as necessary to cover the cost of additional <br /> work prior to the execution of any Supplemental Agreements or Amendments. <br /> 3. All deposits shall be made payable to the Department of Insurance, Revenue Processing and mailed <br /> to the FDOT Office of Comptroller for appropriate processing at the following address: <br /> Florida Department of Transportation <br /> Office of Comptroller <br /> 3717 Apalachee Parkway, Suite E <br /> Mail Station 24 <br /> Tallahassee, Florida 32311 <br /> Attn: LFA Coordinator <br /> 7 of 8 <br />