HomeMy WebLinkAboutMemorandum of AgreementMEMORANDUM OF AGREEMENT
THIS AGREEMENT, made and entered into this .3,ez day of p1 AY
200 V, by and between the State of Florida, Department of Transportation, hereinafter
referred to as "FDOT", the State of Florida, Department of Financial Services,
Division of Treasury, hereinafter referred to as "Treasury", and the City of Miami, hereinafter
referred to as the "Participant".
WITNESSETH:
WHEREAS, FDOT is currently constructing the following project:
r1ujcci Nub.. 251655-2-32-v1 ..
County: Miami -Dade
hereinafter referred to as the "Project".
WHEREAS, FDOT an the Participant enter d into a Locally Funded
Agreement (LFA) dated j -~ / ( -- , 200 , wherein FDOT 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 TWO HUNDRED SIXTY-FOUR THOUSAND
FIVE HUNDRED TWENTY-FIVE DOLLARS ($264,525.00) 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 the 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 or
Amendments.
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:
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Florida Department of Transportation
Office of Comptroller
605 Suwannee Street,
Mail Station 42B
Tallahassee, Florida 32399
ATTN: LFA Section
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 or designee 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.
Untess 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.
FDOT.
7. The Department of Financial Services further agrees to provide periodic reports to the
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THE STATE OF FLORIDA
J
STATE OF FLORIDA
DEPARTMENT OF TRANSPOR
COMPTROLLER
ATTEST:
By:
i
(SEAL)
_C
STATE OF FLORA
ATION DEPARTMENT OF FINANCIAL
SERVICES, DIVISION OF TREASURY
THE CITY OF MIAMI, FLORIDA
Pliscilla A. Thon {pson, City Clerk
59-6000375
FEDERAL EMPLOYER I.D. NUMBER
CITY OF MIAMI, FLORIDA, a municipal
Corporation of the State of Florida
By:
PARTICIPANT SIGNATURE tG
Joe Arriola, City Manager
PARTICIPANT NAME & TITLE
444 SW 2nd Avenue, 10th Floor, Miami , FL 33130
PARTICIPANT ADDRESS
APPROVED AS TO INSURANCE,/ /
i
REQUIREMENTS:
MOWED
By:
Risk Management Administrator
APPROVED AS TO LEGAL FORM AND
CORRECTNESS FOR THE USE AND
RELIANCE OF THE CITY OF MIAMI,
FLORIDA, ONLY
rnan• ez, City Attorney
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