9/19/1989 - Laserfiche WebLink

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BOOK AGREEMENT THIS AGREEMENT, made and entered . into this day of 19 by and between the COUNTY OF INDIAN RIVER, FLORIDA, hereinafter referred to as the County; Barnett Bank of Indian River County, an incorporated 'bank authorized to transact business iri the State of Florida, hereinafter referred to as the "Bank"; and the STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION, an agency of the State of Florida, here- inafter referred to as the "Department"; WITNESSETH: WHEREAS, in conjunction with certain improvements to the State Road No. 5, between 10th Street and the South Relief Canal, County and Department ^ have entered into a contract for adjustment, relocation and/or installation of r County water facilities ( Utility Work) ; and said contract provides that County shall assume the costs of performing all Utility Work; and the County and Department desire to provide for the availability of County Funds to pay for, said contract; NOW, THEREFORE, . in consideration of the premises and mutual covenants contained herein to be undertaken by the respective parties hereto, the parties do mutually agree as follows: 1. The County shall establish and maintain an account, with the Bank, to be known as the "U.S. HWY. #1 JPA Account", hereinafter referred to as the Account, and upon acceptance of the low bid for Utility Work . contract by the Department and the County, the County will deposit into the Account the sum of $213,848.60, to cover the cost of furnishing and installing those items designated for County participation. The Bank shall confirm the deposit, in writing, to the Department within five (5) days of said deposit. The Bank shall send monthly bank statements to the Direc- tor of Finance within ten (10) days of the end of each month. 2. The Bank agrees to invest the monies on deposit in the Account and to liquidate any such investment at the direction of the County's Director of Finance. ( Investments shall be only those authorized, by the Indian ` River County Board of County Commissioners Resolution 83-55.) Said investments shallbe a part of the Account and shall mature or be liquidat- ed as funds are needed to make payment* to the Department as hereinafter provided. All earnings from investments of funds in this Account shall be remitted directly to the County. 3. Withdrawals of monies from the account, other than for investment purposes as provided in Section 2 hereof, shall be made only in the following manner. The -Department shall notify the Bank monthly, in writing, of the amount due the Department for all costs incurred by the 12