05/17/2017 3rd Party Escrow Agreementi •
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Kevin Mado CPA
Clerk of the Circuit Court & Comptroller — Monroe County, Florida
MEMORANDUM
DATE: May 2, 2017
TO: Breanne Erickson
Engineering Services
FROM: Painela G. Hanco<*-C.
SUBJECT: April 12di BOCC Meeting
Enclosed are the following documents for your handling:
C3 Locally Funded Agreement between Monroe County and the State of Florida
Department of Transportation to perform work necessary for the Florida Turnpike Enterprise
to prepare to process transponder and toll- by -plate transactions, at the Card Sound Toll.
The cost is a lump sum amount of $355,000.00, which will be deposited in an escrow account.
Three duplicate originals.
C4 Three Party Escrow Agreement between Monroe County, Florida Department of
Transportation (FDOT) and the State of Florida Department of Financial Services, Division
of Treasury (escrow agent) to establish an escrow account for the $355,000.00 fee payable
to FDOT under the Locally Funded Agreement between the County and FDOT for services
to prepare for conversion of the Card Sound Toll to all electronic tolling. Three duplicate
originals.
C5 Agreement between Monroe County and Florida Department of Transportation (FDOT)
for Sunpass and Toll -By -Plate Electronic Toll Collection by FDOT at the Card Sound Toll
Facility. The cost for the service will be eight cents per toll transaction plus an estimated credit
card fee of 2.25 %, which will be deducted from weekly toll revenue wire transfers. Three
duplicate originals.
C25 Update to Exhibit A for Traffic Signal Maintenance & Compensation Agreement
#ARU48 with the Florida Department of Transportation to reflect the compensation amount for
7/1/2017 - 6/30/2018 contract year. Four duplicate originals.
Please be sure to return a fully executed duplicate original, of each of the above -
mentioned, for the record (I will provide Finance with a copy once received). Should you have
any questions, please feel tree to contact me at ext. 3130. Thank you.
cc: County Attorney w/o documents
Finance ✓
File
KEY WEST
500 Whitehead Street
Key West, Florida 33040
305- 294 -4641
MARATHON
3117 Overseas Highway
Marathon, Florida 33050
305 - 289 -6027
PLANTATION KEY
88820 Overseas Highway
Plantation Key, Florida 33070
305- 852 -7145
PK/ROTH BUILDING
50 High Point Road
Plantation Key, Florida 33070
305 - 852 -7145
THREE PARTY ESCROW AGREEMENT
THIS AGREEMENT is made and entered into by and between the State of Florida,
Department of Transportation ( "FDOT "), County of Monroe, a political subdivision of the
State of Florida ( "Participant "), and the State of Florida, Department of Financial
Services, Division of Treasury ( "Escrow Agent "), and shall become effective upon the
Agreement's execution by Escrow Agent.
WHEREAS, FDOT and Participant are engaged in the following project
( "Project "):
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Project Name: Card Sounq Toll Authority Tolling System Upgrade f �'
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Project #s: 441064 -1 -9 �, rf
County: Monroe -�
WHEREAS, FDOT and Participant desire to establish an escrow account for
the Project.
NOW THEREFORE, in consideration of the premises and the covenants
contained herein, the parties agree to the following:
An initial deposit will be made into an interest bearing escrow account
established hereunder for the purposes of the Project. The escrow account
will be opened with the Escrow Agent on behalf of FDOT upon Escrow
Agent's receipt and execution of this Agreement.
2. Other deposits to the escrow account may be made during the life of this
agreement.
3. Deposits will be delivered in accordance with instructions provided by the
Escrow Agent to the FDOT for deposit into the escrow account. A wire
transfer or ACH deposit is the preferred method of payment and should be
used whenever possible.
4. FDOT's Comptroller or designee shall be the sole signatory on the escrow
account with the Escrow Agent and shall have sole authority to authorize
withdrawals from the account. Withdrawals will only be made to FDOT or
the Participant in accordance with the instructions provided to the Escrow
Agent by FDOT's Comptroller or designee.
5. Moneys in the escrow account will be invested in accordance with section
17.61, Florida Statutes. The Escrow Agent will invest the moneys
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expeditiously. Income is only earned on the moneys while invested. There is
no guaranteed rate of return. Investments in the escrow account will be
assessed a fee in accordance with Section 17.61(4)(b), Florida Statutes. All
income of the investments shall accrue to the escrow account.
6. Unless instructed otherwise by FDOT, all interest accumulated in the escrow
account shall remain in the account for the purposes of the Project.
7. The Escrow Agent agrees to provide written confirmation of receipt of funds to
FDOT. FDOT agrees to provide a copy of such written confirmation to
Participant upon request.
8. The Escrow Agent further agrees to provide quarterly reports to FDOT
concerning the escrow account. FDOT agrees to provide a copy of such
quarterly reports to Participant upon request.
9. The Escrow Agent shall not be liable for any error of judgment or for any act
done or omitted by it in good faith, or for anything which it may in good faith
do or refrain from doing in connection herewith.
10. Escrow Agent shall have no liability for any claim, cost, expense, damage or
loss due to the acts or omissions of FDOT and Participant, nor from any
separate agreements between FDOT and Participant and shall have no
responsibility to monitor or enforce any responsibilities herein or in any
separate agreements associated with this Agreement between FDOT and
Participant.
11. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Florida.
12. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
13. This Agreement shall terminate upon disbursement by the Escrow Agent of
all money held by it in the escrow account in accordance with t@J
instructions given by FDOT's Comptroller or designee and notification fro�l
FDOT to Escrow Agent that the account is to be closed.
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IN WITNESS WHEREOF, the parties have duly executed the Agreement on the
date(s) below.
For OT-OOC (signature)
D. AdW*, CPA
0111411 GAO
Name and Title
59-3024028
Federal Employer I.D. Number
,6 1 0 1) - 7
Date
FDOT Legal Review:
For Escrow Agent (signature)
Bert Wilkerson, Director of Treasury
Name and Title
For PARTICIPANT (signa6e�
George Neugent, Mayor
Name and Title
59
Federal Employer I.D. Number
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A PROVED AS - ,',g FORM:
CHRISTINE Mi. 1-1 MI BERT- BARROWS
ASSISTe% T_ COUNT)` ATTORNEY
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