HomeMy WebLinkAboutExhibit 3MEMORANDUM OF AGREEMENT
THIS AGREEMENT, made and entered into this day of ,
20 , 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:
Main Financial Project Nos.: 250224-2-52-01
County: M,ianii-Dade
hereinafter referred to as the "Project".
WHEREAS, FDOT and the Participant entered into a Locally Funded
Agreement (LFA) dated 120 , 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 NINETEEN THOUSAND
DOLLARS ($219,000) 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
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.
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.
cr.. The Departi'nait 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.
STATE OF FLORIDA STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION DEPARTMENT OF FINANCIAL
COMPTROLLER SERVICES, DIVISION OF TREASURY
THE CITY OF MIAMI, FLORIDA
CITY OF MIAMI, FLORIDA, a municipal
Corporation of the State of Florida
By:
Pedro G. Hernandez, City Manager
APPROVED AS TO LEGAL FORM AND
CORRECTNESS:
By:
Jorge L. Fernandez, City Attorney
(SEAL)
ATTEST:
By:
Priscilla A. Thompson, City Clerk
APPROVED AS TO INSURANCE
REQUIREMENTS:
By:
LeeAnn Brehm, Risk Management
Administrator
FEDERAL EMPLOYER I.D. NUMBER
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