MEMORANDUM OF AGREEMENT - FPN 409155-1-56-01 MEMORANDUM OF AGREEMENT
2.o//THIS AGREEMENT, made and entered into this day of wri4vs
-280-, by and between the State of Florida, Department of Transportation, hereinafter
referred to as "FDOT" and the State of Florida, Department of Financial Services, Division
of Treasury and {City of Clearwater a municipal corporation of the State of Florida, d b/a
Clearwater Gas System} hereinafter referred to as the jrticipant".
WITNESSETH
WHEREAS, "FDOT" is currently constructing the following project:
Financial Project Number: 409155-1-56-01
County: Pinellas
hereinafter referred to as the "Project".
NOTE: ONLY THE NEXT TWO PARAGRAPHS MAY BE MODIFIED AS APPROPRIATE
WITHOUT PRIOR APPROVAL OF FD07S COMPTROLLER.
WHEREAS, FDOT and the Participant entered into a Locally Funded Agreement
dated 7 11 Jzo I 1 , 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 performed 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$260,440 (Two hundred sixty thousand
four hundred forty dollars)will be made by the Participant into an interest bearing escrow
account established by the FDOT 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 FDOT upon receipt of this Memorandum of
Agreement. Such account will be an asset of FDOT.
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.
I 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:
FDOT office of comptroller
General Accounting Office
Attn: LFA Section
605 Suwannee St., MS 42-B
Tallahassee, FL 32399
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.
4. The FDOT's 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.
d
STATE bF FLORIDA TE OF FLORI A
DEPARTMENT OF TRANSPORTATION DEPARTMENT OF FINANCIAL SERVICES
COMPTROLLER DIVISION OF TREASURY
PARTICIPANT SIGNATURE
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PARTICIPANT NAME &TITLE
PARTICIPANT ADDRESS
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FEDERAL EMPLOYER I.D. NUMBER