Memorandum of Agreement 03/19/2003
MEMORANDUM OF AGREEMENT
I " jff. lip I!-t L--
THIS AGREEMENT, made and entered into this ~ ' day of 71f.<<,J"
20Q.3 , by and between the State of Florida, Department of Transportation, hereinafter
referred to as "FDOr' and the State of Florida, Department of Rnancial Services, Division
of Treasury and MONROE COUNTY hereinafter referred to as the "Participant".
WITNESSETH
c:;::.
(,0
;r.:1III'
;~i5
-1",-',
WHEREAS, "Foor' is currently constructing the following project:
01
Financial Project Number: 251457-2
County: Monroe
:E~
..ilI'.,
:.0
..
hereinafter referred to as the "Project".
c.n
<::)
WHEREAS, FOOT and the Participant entered into a Locally Funded Agreement
dated March 19, 2003, wherein DOT agreed to perform certain work on behalf of the
Participant in conjunction with the Project.
WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in the
best interest of the FDOT and the Participant to establish an interest bearing escrow
account to provide funds for the work perfonned on the Project on behalf of the Participant
by the FDOT.
NOW THEREFORE, in consideration of the premises and the covenants contained
herein, the parties agree to the following:
1. An initial deposit in the amount of $ 1.220,000.00 (One Million Two-hundred
twenty thousand dollars) will be made by the Participant into an interest bearing escrow
account established by the FOOT for the purposes of the project. Said escrow account will
be opened with the Department of Financial Services, Division of Treasury, Bureau of
Collateral Management on behalf of the FOOT upon receipt of this Memorandum of
Agreement. Such account will be an asset of FOOT.
2. Other deposits will be made only by the Participant as necessary to cover the
cost of additional work prior to the execution of any Supplemental Agreements.
Ll-rrIK'" _ r fi 3
date
~
'" .
iDitiaIs
3. All deposits shall be made payable to the Department of Financial Services,
Revenue Processing and mailed to the FDOT Office of Comptroller for appropriate
processing at the following address:
:Po :::0
:x: n
~-:-)
o C.J
c> :;;J
(.r: 0
A copy of this Agreement should accompany any deposits. When the check is
mailed to Tallahassee, the District Office should instruct the Participant to mail
the District Office a copy of the check.
Florida Department of Transportation
Office of Comptroller
3717 Apalachee Parkway, Suite B
Mail Station 24
Tallahassee, Florida 32311
ATTN: LFA Section
3:
Cl
:z:
2;C"">
r-
r1:,.:
O.
0(").
~::O;'.
-i ;=:
-<n::J::
. :-1>-
.." CJ
I P,
>
~
(:::)
~::;::t
<.....>
;po.
"
;::I.")
N
."
r
f"Tl
o
..."
C>
::D
4. The FDOrs Comptroller and/or her designees shall be the sole signatories
on the escrow account with the Department of Financial Services and shall have sole
authority to authorize withdrawals from said account.
5. Unless instructed otherwise by the parties hereto, all interest accumulated
in the escrow account shall remain in the account for the purposes of the project as
defined in the LFA.
6. The Department of Financial Services agrees to provide written confirmation
of receipt of funds to the FDOT.
7. The Department of Financial Services further agrees to provide periodic
reports to the FDOT.
~t~Jlt()
STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION
COMPTROLLER
Jd LJ.f.z
(SEAL)
ATT ST: DANNY L. KOLHAGE CLERK
e.AlJ~
STATE OF FLORIDA
DEPARTMENT OF FINANCIAL SERVICES
DIVI;;~~ 9F ~UR~ /.. J
"/JjU //7. ~
PARTICIPANT SIGNATURE
..D ,. ",. L m. .rf e..t...o.. ,..
11?~_1' / C-k,..""hfA n
PAR C(PANT NAME & TITLE
3 - I 9 -()3
.'O() ~ /!t.k,,/sl, !(IMf! ~t .1~oy()
PARllOPANT ADDRESS
FEDERAL EMPLOYER J.D. NUMBER
~-)c1 " [pooO 7+