JOINT PARTICIPATION AGREEMENT
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MEMORANDUM OF AGREEMENT
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TillS AGREEMENT, made and entered into this ~ B T\.\ , day o~LS~ , 20 ~ by and
between the State of Florida, Department of Transportation, hereinafter referred to as "DOT" and
the State of Florida, Department of Insurance, Division of Treasury, hereinafter referred to as
"Treasury" and the City of Clearwater, hereinafter referred to as the "Participant".
WITNESSETH
WHEREAS, "DOT" is currently constructing the following project:
Financial Project No,: 40841913201
FAP, No, n/a
County Pinellas
hereinafter referred to as the "Project",
WHEREAS, DOT and the participant entered into a Joint Participation Agreement dated
<)p(dt~,~ /1, J.OIJO, wherein DOT agreed to perform certain work on behalf of the Participant in
cbnjunction ~ith the Project,
WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in the best
interest of the DOT and the Participant to establish an interest bearing escrow account to provide
funds for the work performed on the Project on behalf of the Participant by the DOT,
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$ 1.1 00.000 (One million. one hundred thousand
dollars) will be made by the Participant into an interest bearing escrow account established by the
Department for the purposes of the project. Said escrow account will be opened with the Department
ofInsurance, Division of Treasury, Bureau of Collateral Securities on behalf of the DOT upon receipt
ofthis Memorandum of Agreement Such account will be an asset of DOT.
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 or Amendments,
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3, All deposits shall be made payable to the Department of Insurance. Revenue
Processing 'and mailed to the DOT Office of Comptroller for appropriate processing at the following
address:
Florida Department of Transportation
Office of Comptroller
3717 Apalachee Parkway, Suite E
Mail Station 24
Tallahassee, Florida 32311
ATTN: JPA Coordinator
4, The DOT's Comptroller and/or his/her designees shall be the sole signatories on the
escrow account with the Department of Insurance 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 JP A.
Upon request and after final completion of the project, remaining funds and interest will be'refunded
to the City,
6, The Treasurer agrees to provide written confirmation of receipt of funds to the DOT.
7, The Treasurer's Office further agrees to provide periodic reports to the DOT.
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STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION
COMPTROLLER
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STATE OF ORIDA
DEPARTMENT OF INSURANCE
DIVISION OF TREASURY
William B . Harne , II.
Interim City Manager
Approved as to form:
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":f'/1.i' C , ~iJ?v--,--
(J e C.Hayman
~sistant City Attorney
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t. C.lIl"t. a E. Goud~au
City Clerk
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596000289
FEDERAL EMPLOYER J.D, NUMBER
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