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2009-033
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2009-033
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Last modified
3/18/2016 11:07:59 AM
Creation date
10/1/2015 12:53:46 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
02/03/2009
Control Number
2009-033
Agenda Item Number
12.I.2
Entity Name
Florida Department of Transportation
Subject
Improvements on 16th / 17th Street west of US 1
Resolution 2009-006
Area
16th/17th St., 14th Ave.to SR-5/US 1
Supplemental fields
SmeadsoftID
7766
Document Relationships
2009-006
(Attachment)
Path:
\Official Documents\2000's\2009
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Exhibit " A " <br /> MEMORANDUM OF AGREEMENT <br /> THIS AGREEMENT, made and entered into this *Try ., day of w689uA2Y , 200Yr <br /> by and between the State of Florida , Department of Transportation , hereinafter referred to as <br /> " DEPARTMENT" the State of Florida , Department of Financial Services, Division of Treasury, and <br /> INDIAN RIVER COUNTY hereinafter referred to as the " PARTICIPANT" . <br /> WITNESSETH a <br /> WHEREAS, " DEPARTMENT" is currently constructing the following project : f�> <br /> Financial Project Number : 230872- 1 - 52- 01, 2308724 - 5A-t =„ <br /> County : INDIAN RIVER _T <br /> 4 CT <br /> hereinafter referred to as the " Project" . <br /> WHEREAS, the DEPARTMENT and the PARTICIPANT entered into a Locally Funded <br /> Agreement ( LFA) dated P / I , wherein the DEPARTMENT <br /> agreed to perform certain work on behai0of the PARTICIPANT in conjunction with the Project . <br /> WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in the best <br /> interest of the DEPARTMENT and the Participant to establish an interest bearing escrow account <br /> to provide funds for the work performed on the Project on behalf of the PARTICIPANT by the <br /> DEPARTMENT . <br /> NOW THEREFORE, in consideration of the premises and the covenants contained herein , the <br /> parties agree to the following . <br /> 1 . The DEPARTMENT and the PARTICIPANT agree that the recitals set forth above <br /> are true and correct and deemed incorporated herein . <br /> 2 . An initial deposit in the amount of FIVE HUNDRED FIFTEEN THOUSAND SIX <br /> HUNDRED SEVENTY EIGHT DOLLARS ( $ 515, 678 . 00) will be made by the <br /> Participant into an interest bearing escrow account established by the DEPARTMENT <br /> for the purposes of the Project . Said escrow account will be opened with the <br /> Department of Financial Services, Division of Treasury, Bureau of Collateral <br /> Management on behalf of the DEPARTMENT upon receipt of this Memorandum of <br /> Agreement . Such account will be an asset of the DEPARTMENT . <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 /> 8 of 9 <br />
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