JOINT PROJECT AGREEMENT THIRD AMENDMENT CLEARWATER MEMORIAL CAUSEWAY EAST BRIDGE
THIRD AMENDMENT
CITY OF CLEAR WATER
FM# 257093 1 52 01
THIRD AMENDMENT TO THE JOINT P ARTICIP ATION AGREEMENT
CLEARWATER MEMORIAL CAUSEWAY EAST BRIDGE
THIS AGREEMENT, made and entered into this~day of lJt1e~be~ ,2001 by and
between the STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION, an agency
of the State of Florida, hereinafter referred to as the DEPARTMENT, and the CITY OF
CLEARWATER, hereinafter referred to as the CITY.
WITNESSETH:
WHEREAS, on June 27,1997, the DEPARTMENT and the CITY entered into a
Joint Participation Agreement, and on January 5, 2001 entered into a first amendment to the
Joint Participation Agreement, and entered into a second amendment to the Joint
Participation Agreement on June 19,2001, and
WHEREAS, construction costs for the Memorial Causeway Bridge have increased
above the anticipated project cost, and
WHEREAS, the CITY provided an advance deposit of $29,294,415 of which
$24,294,415 is subject to the Internal Revenue Service's rules of arbitrage, and
WHEREAS, there exists an opportunity to maximize the interest earnings accrued on
the CITY's advance deposits for the project, and
WHEREAS, the CITY, by Resolution No. 01-41, a copy of which is attached hereto
and by reference made a part hereof, has authorized its officers to execute this Third
Amendment to the Joint Participation Agreement on its behalf.
NOW, THEREFORE WITNESSETH: that for and in consideration of the mutual
benefits to flow from each to the other, the parties hereto agree that the above described Joint
Participation Agreement as amended is to be further amended as follows:
The following is added to amend Sections 2 and 6 of the original Joint Project Agreement, as
previously amended:
The CITY has provided funds in the amount of$24,294,415 to the DEPARTMENT from
bond proceeds from the Infrastructure Sales Tax Revenue Bonds, Series 2001 bond issue.
These bond proceeds were received by the CITY on June 21, 2001. The bond proceeds
will be considered spent first among the funds provided by the CITY when used by the
DEPARTMENT to reimburse project expenses. The DEPARTMENT agrees to account
THIRD AMENDMENT
CITY OF CLEARWATER
FM# 257093 15201
for the principal and interest earned while invested by the Department of Insurance in
separate amounts. The interest earnings and rates of interest will be reported to the CITY
by the DEPARTMENT quarterly upon notification of said amount by the Treasury.
The CITY will calculate the appropriate interest earnings for the DEPARTMENT to
apply to the Project in a manner to maximize the available funds for the project while also
meeting applicable laws and regulations. Notification of said amount will be made to the
DEP AR TMENT by the CITY within 30 days of quarterly notification of interest earned.
The CITY may withdraw any interest earnings above this amount to be used as
appropriate under the Bond Resolution, and applicable laws and regulations. The CITY
is responsible for ensuring that all Bond Resolution and applicable laws and regulations
are complied with related to the bond proceeds and interest earnings associated with the
bond proceeds.
Available interest earnings will be utilized first to cover the initial shortfall for the cost of
construction contracting and the subsequent costs of construction contract amendments and
overruns, if necessary. The DEPARTMENT will provide an additional amount up to
$2,500,000 to cover the initial shortfall for the cost of construction contracting and the
subsequent costs of construction contract amendments and overruns, if necessary, with
$1,000,000 in FY 2002 and $1,500,000 in FY 2003.
It is the intent of this amendment to require the City to contribute all appropriate interest
earnings to the Project. These earnings are intended to repay and replenish contributions
made from the Department's aforementioned $2,500,000 contribution even in the event they
accrue after payments have been made from these Department funds.
After the Department has expended the available interest earnings and the additional amount
of $2,500,000 as needed, the Department will additionally pay the costs of construction
contract amendments and overruns on behalf of the City, ifnecessary. To the extent that the
costs of construction contract amendments and overruns exceed the available interest
earnings and the additional $2,500,000, an amount equal to these excess costs will be
deducted from the total reimbursement due to the City in accordance with the First
Amendment to the Joint Participation Agreement, Exhibit A, Section III.
Notwithstanding the above, under no circumstances will any portion of the $2,500,000 of
Department funds or Department funds used which generate a reduction in the
reimbursement as described above, be used for the payment of any claims in
contravention to the terms relating to indemnification contained in Section 13 of the Joint
Project Agreement.
The reimbursement to the CITY, as adjusted above, will occur in accordance with the
First Amendment to this agreement.
The Memorandum of Agreement is revised and by reference made a part hereof to allow
Clearwater Memorial Bridge, Third Amendment
City of Clearwater
FM# 257093 1
CITY withdrawal of interest earnings from the interest bearing escrow account.
Except as hereby modified, amended or changed, all other terms of said Agreement dated June 27th,
1997, the first amendment dated January 5, 2001, and the second amendment dated June 19,2001
shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused these presents be executed, the
day and year first above written.
OF CLEARWATER
DEPARTMENT OF TRANSPORTATION
;:0:
I2td{s~N
DIRECTOROF PLANNINGIPRODUCTION
9.
WILLIAM B. HORNE, II
CITY MANAGER
COUNTE .SI~NED ~
BRIAN 1. AUNJ ',. ;;;y
MAYOR-COMMISSIONER
ATTEST---
~
TO FORM
APPROVEDAST~
~
DEPARTMENT OF TRANSPORTATION
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