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MEMORANDUM OF AGREEMENT <br /> THIS AGREEMENT,made and entered into this ,day of ,19_, <br /> by and between the State of Florida,Department of Transportation,hereinafter refereed to as <br /> "DOT" and the State of Florida, Department of Insurance, Division of Treasury, hereinafter <br /> referred to as "Treasury"and Indian River County hereinafter referred to as the "Participant". <br /> WITNESSETH <br /> WHEREAS, "DOT" is currently constructing the following project: <br /> State FM No.: 230875/1/52/61/01 <br /> F.A.P.No.: N/A <br /> W.P.I.No.: 4125357 <br /> County: Indian River <br /> hereinafter referred to as the "Project"; and, <br /> WHEREAS,DOT and the Participant entered into a Joint participation Agreement <br /> dated , 19 wherein DOT agreed to perform certain work on behalf of <br /> the Participant in conjunction with the Project; and, <br /> WHEREAS,the parties to this AGREEMENT mutually agreed that it would be in the best <br /> interests of the DOT and the participant to establish an interest bearing escrow account to provide <br /> finds for the work performed on the Project on behalf of the Participant by the DOT: <br /> NOW THEREFORE, in consideration of the premises and the covenants contained herein <br /> the parties agree to the following: <br /> 1. An initial deposit in the amount of$120,000.00 (One Hundred Twenty Thousand <br /> Dollars)will be made by the Participant into an interest bearing escrow account established <br /> by the Department for the purposes of the project.Said escrow account will be opened with <br /> the Department of Insurance ,Division of Treasury, Bureau of Collateral Securities on <br /> 1 <br />